VANCOUVER, Nov. 23 /PRNewswire-FirstCall/ -- Cengroup Petroleum Corporation (PINK SHEETS: CPCO) - On November 6, 2007 the Board of Directors had voted to change the Company's name to MOP Environmental Solutions Inc. (the "Company" or "MOP"). A new trading symbol will be issued by the NASDAQ.
In addition the Company rescinded the Share Exchange Agreement entered into on May 30, 2006 with Neville Trevor and Associates, Inc. ("NT&A"). The Agreement provided for an exchange of shares between the companies, as well as the sale of intellectual property by NT&A to the Company. Shares issued by the Company to NT&A shareholders have been returned to the Company and will be cancelled and returned to treasury. All other aspects of the agreement have been cancelled.
"We believe that the rescission of this agreement is in the best interests of the shareholders", says Edward C. Heisler, MOP's CEO. "The Company is pursuing other business ventures that we believe will allow the Company to develop the technology necessary to begin operations on a more timely basis."
Pursuant to the Rescission Agreement, Mr. Heisler was appointed as interim CEO, CFO, Secretary, Treasurer, Chief Accounting Officer and Chairman, following the resignations of Mr. Terry Yakimovich, the Company's former president and director, Mr. Neville Trevor, the Company's former CEO and director, and Mr. David Levine, a former director. The resigned individuals will each receive compensation of 1,000,000 common shares under an Employment Agreement with the Company, with registration rights for 100,000 shares each. The compensation is in exchange for their services already rendered, and for the provision of ongoing services to the Company's new management needed over the next year with respect to financial reporting and regulatory filings.
Special Note Regarding Forward-Looking Statements --------------------------------------------------
Forward-looking statements in this news release are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this news release that are not strictly historical statements, including without limitation, management's plans and objectives for future operations and management's assessment of market factors, and statements regarding the strategy and plans of the company and its strategic partners, constitute forward-looking statements. These forward-looking statements are not guarantees of the company's future performance and are subject to a number of risks and uncertainties, such as their success in acquiring funding for machinery and materials, maintaining needed relationships with governments and customers, and successfully executing their business plan, which could cause the company's actual results in the future to materially differ from the forward-looking statements.
CONTACT: For further investment information please call Rick Neild at 1-800-488-4544.
