Crew Development Corporation: Dividend Distribution Of South Crofty Shares & Slim Hole Drilling Program Now Underway At Meager Creek.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Nov. 16, 2001 Dividend Distribution Crew Development Corporation (Crew) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CRWVF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CRU.) (OSE OSE - Open Systems Environment :CRU.) (FRANKFURT:KNC.) announces that its Board of Directors has declared a dividend of shares of South Crofty Holdings Ltd. The dividend is subject to the approval by the South Crofty shareholders of the acquisition from Crew of 100% of Meager Creek Development Corporation, in consideration of 97,378,558 shares of South Crofty, at a meeting of the shareholders of South Crofty to be held on November 22, 2001. All shareholders of Crew as of November 28th (Record Date) will receive one share in South Crofty Holdings Ltd. (which proposes to change its name to North Pacific GeoPower Corp.) listed on the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) Inc. (CDNX CDNX See Canadian Venture Exchange (CDNX). ), for each 20 shares of Crew held as of the Record Date. No fractional shares will be issued and the number of shares to be received will be rounded up to the nearest whole number of shares. Crew's shares will trade ex-dividend on November 26th, and the South Crofty shares will be distributed to the Crew shareholders on or about December 21, 2001. Approximately 6,400,000 South Crofty shares will be distributed pursuant to the dividend. The closing price of the shares of South Crofty on the Canadian Venture Exchange (CDNX) on November 15, 2001 was $0.54. Meager Creek Project Update The geophysics fieldwork has now been completed at the Meager Creek Geothermal Project, and the report is under final review. Permits for the slim hole drilling program have been received and the fieldwork is now underway. The drilling program is under the direction of Fairbank Engineering Ltd. of Vancouver, who has been involved in the Meager Creek project since its initial discovery and development by B.C. Hydro. The purpose of the geophysics and slim hole drilling is to verify the model of the geothermal system as envisioned by the overall project consultant, GeothermEx of Richmond, California, before the more expensive test wells are drilled to determine the geothermal resource. In addition, the company has retained Craig Aspinall & Associates to assist in consultations with stakeholders and First Nations peoples The following is a list of First Nations peoples organized by Indigenous geographic area. This list does not include Metis or Canadian Inuit groups. The areas used here are in accordance to those used by the Canadian Museum of Civilization [1] , and Western Policy Consultants Inc. to assist the company with government relations. The primary listing for Crew shares is the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSE). It is also listed on the Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. (OSE), in Germany and in the US. John M. Darch, Chairman and C.E.O. This News Release was prepared by the Board of Directors on behalf of Crew Development Corp. which is solely responsible for its contents. |
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