| Trading Symbol: DVX (CDNX) | February 26, 2004 |
Releases this year: December 24, 2004 December 24, 2004 December 23, 2004 December 23, 2004 December 23, 2004 December 13, 2004 December 13, 2004 December 04, 2004 November 24, 2004 November 24, 2004 November 19, 2004 November 02, 2004 September 14, 2004 September 03, 2004 September 02, 2004 August 17, 2004 August 17, 2004 July 29, 2004 July 26, 2004 June 29, 2004 June 08, 2004 May 20, 2004 May 14, 2004 May 05, 2004 May 03, 2004 April 28, 2004 April 26, 2004 April 05, 2004 March 02, 2004 March 02, 2004 March 01, 2004 March 01, 2004 February 26, 2004 February 12, 2004 February 03, 2004 January 26, 2004 January 26, 2004 |
| FOR IMMEDIATE RELEASE | ||
| Devon investment in Polymer yields 81-106% Return | ||
| VANCOUVER, BC February 26, 2004 — Devon Ventures Corporation (TSX- VE: DVX) Devon Ventures Corporation announces that it will achieve a 81-106% return on its investment in Polymer Solutions Inc. (PYM:TSX:V) over a 16 month period. Polymer recently announced that it closed the sale of its operating subsidiary to Chemcraft Holdings Corporation for a total purchase price of US$7.5M. It also announced that it plans to wind up and distribute up to US$.72 per share to each of its shareholders, US$.645 per share immediately and the remainder after a 45-day escrow period. The exact amount of the remaining distribution will not be known until all indemnification claims and post closing adjustments are settled at the end of the escrow period. Devon's cost for its 614,800 shares of Polymer was approximately CND$288,000 or CDN$.48 per share. Today Devon received its initial installment of CDN$532,442. This initial installment represents a profit of CDN$244,442 or 81% over a 16 month investment period, notwithstanding a 17% decrease in the value of the Canadian dollar. If the full US$.72 per share is paid out and the US/CDN dollar exchange rate remains the same, Devon's total profit on the transaction will be $305,159 or 106% on its initial investment. "This investment demonstrates our ability to select stocks that have hidden value. At the time that we made the investment, we knew that the underlying operating business was worth twice as much the company's market cap. It was simply a matter of purchasing the position and then persuading the other directors that it would be in the best interests of the shareholders to put the operation up for sale. I would like to thank Gordon Ellis, the Chairman and management for an excellent job of negotiating a sale arrangement that is very beneficial to the shareholders" said Kelly Edmison, President and CEO of Devon. Devon Ventures Corporation is a merchant bank focused exclusively on early stage high technology companies located in British Columbia and Alberta. On behalf of the Board of Directors of DEVON VENTURES CORPORATION"J. Kelly Edmison" J. Kelly Edmison, President & CEODevon Ventures Corporation is a merchant bank focused exclusively on early stage high technology companies located in British Columbia and Alberta.The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release. |
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| The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release. | ||
