Crew Reduces Ownership in Metorex Ltd.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--April 29, 2002 Crew Development Corporation (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 KNC Knowledge Navigation Center KNC Kensey Nash Corporation KNC Kawan Ng Cordero (Philippines: Flock of Lamb) ) (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :CRWVF) has sold 6.5 million shares in Metorex Ltd. at a price of ZAR ZAR In currencies, this is the abbreviation for the South African Rand. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 3.20 per share on April 26, 2002. Metorex Ltd. issued 18.1 million shares at ZAR 3.20 per share in a private placement completed April 24, 2002. As a result of these transactions, Crew's interest in Metorex is reduced to 41%. Consequently, Crew will no longer consolidate its interest in Metorex effective April 24, 2002. The motive for the reduction in Crew's holding, as well as the private placement, is related to insufficient liquidity in the trading of Metorex shares and the realization that Crew's controlling ownership has been a restraining factor for the share price. The board of directors in both Crew Development Corporation and in Metorex Ltd. believe that the above mentioned transactions, by increasing the free float of Metorex shares, will improve how Metorex' assets and underlying value is reflected in the share price. Corporate Overview Crew is an established, multi-commodity, Canadian mining company with operations in Africa, Canada, Greenland, Norway and the Philippines. In addition to a variety of projects that are at various stages of development and discovered by Crew, the company controls seven producing mines through its southern African subsidiary. Crew's strength stems from this diversified, solid, broad base of projects. The company is well positioned to focus on specific projects, and to respond to changing market forces. Crew shares are listed as CRU on the TSE (Canada) and OSE (Norway), as KNC on the Frankfurt Exchange (Germany), and as CRWVF on the OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB (USA). Jan A. Vestrum, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. For more information or to be put on our email list, please contact the Vancouver Office, (604) 683 7585 or US/Canada Toll Free: 1-866-818-2211, email: ir@crewdev.com or the Oslo Office at +47 67 59 2424, email crew@crew.no. Visit our website at http://www.crewdev.com. 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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