CanArgo Completes Acquisition Of Lateral Vector Resources Inc.Business Editors OSLO, Norway & LONDON--(BUSINESS WIRE)--June 29, 2001 CanArgo Energy Corporation ("CanArgo")(OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GUSH)(OSE OSE - Open Systems Environment :CNR See riser card. CNR - Communication and Network Riser .) today announced that at the Lateral Vector Resources Incorporated Special Shareholders' Meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. held in Canada on 28th June 2001, a resolution was passed effectively giving CanArgo Acquisition Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CanArgo Energy Corporation, 100% ownership of Lateral Vector Resources Incorporated. CanArgo is an independent oil and gas exploration and production company operating in Eastern Europe. CanArgo's principal oil and gas operations are currently located in the Republic of Georgia. The matters discussed in this press release include forward-looking statements, which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward-looking statements. Such risks, uncertainties and other factors include the uncertainties inherent in oil and gas development and production activities, the effect of actions by third parties including government officials, fluctuations in world oil prices and other risks detailed in CanArgo's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. The forward-looking statements are intended to help shareholders and others assess CanArgo's business prospects and should be considered together with all information available. They are made in reliance upon the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CanArgo cannot give assurance that the results anticipated herein will be attained. |
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