New book by Larry Connors Click here Improve your trading - See how
A dedicated Chat Room for Pluris Energy has been created at STOCKWIRE.com to discuss this news event.
Visit the following link to begin chatting with your fellow shareholders: http://www.stockwire.com/chat
----------------------------------------------------------
VANCOUVER, BC -- Pluris Energy Group Inc. (OTCBB: PEYG), along with its wholly owned British Virgin Islands subsidiary, Pluris Energy Group Inc. (BVI) (together "Pluris Energy" or "the Company"), is pleased to announce it has received a partial award (the "Award") from The Secretariat of the Court, International Court of Arbitration, International Chamber of Commerce, Paris, France (the "ICC").
The Award is the result of the binding arbitration action (the "Arbitration") the Company commenced against San Enrique Petrolera SA and its shareholders ("San Enrique," or the "Defendants") on April 27, 2007 for an initial damages claim estimate, which was submitted to the ICC in the amount of US$46.4 million. The Defendants submitted an initial counterclaim to the ICC for recovery of legal costs and translation fees associated with its defense in the Arbitration, for the amount of approximately $150,000.
The twenty-nine page docket rendered by the ICC binding the parties to the Award, approved by majority, determines that the Share Purchase Agreement (the "SPA") entered into between Pluris Energy and San Enrique on August 18, 2006 is terminated retroactively to October 31, 2006. It further determines that the SPA's early termination was seventy percent (70%) the responsibility of San Enrique and thirty percent (30%) the responsibility of Pluris Energy.
Pluris Energy won the exclusive rights to purchase 100% of the shares of San Enrique, a Buenos Aires, Argentina-based E&P Company, in August of 2006 through a competitive bidding process under the mutually agreed upon terms of the SPA for the purchase price of US$44 million. Subsequent to winning the bid, Pluris Energy's rights under the SPA were frustrated due to, among others, temporary injunctions that were filed in the Buenos Aires commercial courts opposing the transfer of the San Enrique shares to Pluris Energy. The injunctions were a result of disputes that arose between San Enrique and its existing partners related to joint venture agreements it had previously entered into regarding its Austral Basin property interests on Tierra del Fuego Island, Argentina. With the injunctions in place, Pluris Energy was unable to complete the acquisition of San Enrique under the jointly negotiated and agreed upon terms of the SPA as planned. Subsequent to the injunctions being upheld by the Buenos Aires Commercial Court of Appeals, Pluris Energy commenced the Arbitration against San Enrique through the ICC in order to protect the exclusive rights and interests it secured under the terms of the SPA.
Pluris Energy will support its final damages submission to the ICC through third party valuations evidencing the substantiation of the overall damages suffered by the Company as a result of it losing the business opportunity related to its planned acquisition of San Enrique. To the best knowledge of the Company, the responsibility in the final damages award would be allocated in the same proportion as it results from the partial award recently received. The ICC has informed Pluris Energy and San Enrique that the final damages award rendering would be made by March 31, 2009.
About Pluris Energy:
Pluris Energy Group Inc. is an international energy company engaged in the acquisition and development of producing oil and gas interests in South America. For further information, please visit the Company's website at www.pluris.com
----------------------------------------------------------
About Stockwire:
Stockwire is one of the largest communities for Micro Cap Investors. We are the only place on the internet to provide LIVE CHAT ROOMS for dedicated stocks.
We have also pioneering a new way to research companies before you invest them. It's called a Stockumentary. A Stockumentary is a documentary on a publicly traded company. Imagine a Dateline NBC segment, but on a publicly traded company. We are the first company to ever bring this type of quality research to investors in this format.
The Stockumentary has video interviews with management, product demos, video tours of office or factory, research reports, sec filings and much more. All of this is delivered to investors in high quality video, either by mail or email.
Stockwire.com is owned by Stockwire Research Group Inc. (SRGI) and is an independent electronic publication committed to providing our readers with factual information on selected publicly traded companies.
As detailed below, this publication accepts compensation from some of the companies from which it features. To the degrees listed herein, this Newsletter should not be regarded as an independent publication. All statements and expressions are the sole opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the Newsletter is neither an offer nor solicitation to buy or sell any securities mentioned.
While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein.
We encourage our readers to invest carefully and read the investor information available at the web sites of the Securities and Exchange Commission ("SEC") at www.sec.gov and/or the National Association of Securities Dealers ("NASD") at www.nasd.com. The NASD has published information on how to invest carefully at its web site.
Readers can review all public filings by companies at the SEC's EDGAR page. www.sec.gov/edgar.shtml
Stockwire.com is an independent electronic publication committed to providing our readers with factual information on selected publicly traded companies. Stockwire.com is not a registered investment advisor or broker-dealer. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward maximizing the upside potential for investors while minimizing the downside risk, whenever possible.
From time to time SRGI sells shares in the open market it receives as compensation for coverage of client companies. Since the shares are received as compensation for services as previously disclosed, and not for investment purposes, the editors do not view the sale of the shares as contradictory to any advice delivered in the content. This should be viewed as a conflict of interest by shareholders or prospective shareholders of the client companies.
Moreover, as detailed below, this publication accepts compensation from third party consultants and/or companies which it features on Stockwire.com. To the degrees enumerated herein, this newsletter and website should not be regarded as an independent publication.
The editor, members of the editor's family, and/or entities with which the editor is affiliated aside from Stockwire Research Group Inc. (SRGI) itself, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication unless specifically disclosed in the newsletter.
THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN CONSENT OF THE EDITORS OF STOCKWIRE.COM.
We often accept restricted shares of company stock; by SEC regulations, restricted shares cannot be sold into the market for a period of at least one year from the time that the shares are issued. In such cases, we detail in the Disclaimer the specific term of any restrictions. We also receive compensation in the form of stock options, in which case we receive the right to buy shares of the stock of the company at issue, at a specified time and a specified price. In such circumstances, we specify on our Disclaimer the terms of the options received. On occasion, we also accept free-trading shares in a company that we cover. However, by policy we generally do not buy or sell any shares of a company's stock within three trading days after any such company's profile, commentary, or other company-specific information is disseminated on Stockwire.com Web site. In cases where we do trade within the three day window, our volume will never represent more than 5% of the daily volume, thereby minimizing any effect we could have on the potential price movement.
While our policies as detailed above are designed to minimize any impact upon our members of a conflict of interest between our company and our members, each member should be fully aware that such potential and actual conflicts of interest may well exist due to the compensation structure detailed herein. For this reason, and because the information contained on Stockwire.com is updated on a regular basis as circumstances change, each member is strongly encouraged to periodically review the Profile Compensation section at http://www.stockwire.com/disclaimer_profiles.htm.
CONTACT: The Stockwire Group Tel: +1 512 358 8440 e-mail: info@stockwire.com WWW: http://www.stockwire.com
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
