TTI Thiogenesis Therapeutics Corp

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THE UNITED STATES


New West Energy Services Inc. (TSX VENTURE:NWE) ("New West" or the
"Corporation") announces its previously announced proposed acquisition of
Terralog Technologies Inc. ("TTI") (the "Acquisition") has been postponed. The
Acquisition, which includes TTI acquiring sole ownership of its subsidiary, PT
Terralog Teknologi Indonesia, was approved by the Corporation's shareholders at
its annual and special meeting on October 27, 2008. However, due to market
conditions, the Corporation has not been able to complete the $6.6 million
private placement of common shares of New West prior to November 28, 2008,
completion of which financing is a condition precedent to closing of the
Acquisition. New West and TTI are currently negotiating an extension to the
financing and the Acquisition and will issue a follow-up press release once the
terms of such new agreement have been agreed upon, or in the event the proposed
transaction is terminated.


The proposed transaction remains subject to certain other conditions, including
receipt of all required regulatory approvals.


About TTI and PT TTI

TTI is a private company with its head office located in Calgary, Alberta. It is
a leading international service company that specializes in petroleum
geomechanics and deep well disposal waste management using slurry fracture
injection technology. PT TTI, has its head office in Jakarta, Indonesia.


TTI has been in operation for approximately 8 years. It has gained international
prominence working through PT TTI for the past 4 years in connection with a long
term contract disposing of production wastes at the Dun oilfield in Sumatra,
Indonesia.


TTI is also currently working under contract in Bergen, Norway providing
technical and engineering support for 5 offshore CR1 disposal wells in the North
Sea.


TTI has made significant business development inroads with other international
concerns that TTI anticipates will start field operations in the future. While
these projects are in various stages of discussions, it must be noted that final
approvals have not yet been given for these projects, and operating agreements
have not been negotiated for these projects.


In addition, TTI is involved in the development of Carbon Capture and Storage
CO2 technology.


About New West

New West operates in the oil field service industry in Canada. New West sells
chemicals and provides engineering services to oil and gas exploration and
production companies.


On behalf of the Board of Directors of New West Energy Services Inc.

Joseph Scarlett, Director

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "expect", anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should', "believe", "plans", "intends" and similar
expressions are intended to identify forward-looking statements or information.
These forward- looking statements rely on a number of assumptions concerning
future events and are subject to a number of uncertainties and factors, many of
which are outside New West's control, which could cause actual results to differ
materially from such statements. Forward-looking information includes, but is
not limited to, statements regarding the proposed Acquisition, including
expected combined financial and operating results; the expected amount and
timing of operating synergies; whether and when the transactions contemplated by
the Agreement will be consummated; and expectations, beliefs, goals, objectives,
information and statements about possible future events. Forward-looking
information is based on current expectations, estimates and assumptions that
involve a number of risks which could cause actual results to vary and in some
instances to differ materially from those anticipated by New West and described
in the forward-looking information contained in this press release. Among the
factors that could cause results to differ materially from those indicated by
such forward-looking statements are the failure to realize anticipated
synergies; the result of the review of the proposed Acquisition by various
regulatory agencies and any conditions imposed in connection with consummation
of the proposed Acquisition; failure to receive the approval of the proposed
Acquisition by the shareholders of New West and satisfaction of various other
conditions to the closing of the Acquisition contemplated by the Agreement.
Readers are cautioned not to place undue reliance on such forward-looking
information. No assurance can be given that any of the events anticipated by the
forward-looking information will transpire or occur or, if any of them do so,
what benefits New West will derive therefrom.


Additional Information

The Information Circular prepared in connection with the Acquisition can be
reviewed on New West's SEDAR profile at www.sedar.com.

Grafico Azioni Thiogenesis Therapeutics (TSXV:TTI)
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Da Mag 2024 a Giu 2024

Grafico Azioni Thiogenesis Therapeutics (TSXV:TTI)
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Da Giu 2023 a Giu 2024