TORONTO, ONTARIO--(Marketwire - July 8, 2011) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Candax Energy Inc. ("Candax") (News - Market indicators) is pleased to announce that John Younger has been appointed to the board of directors of Candax. John Younger is currently an independent consultant in Uruguay working on projects focused in the areas of natural resources and agriculture and he teaches economics and finance at the Uruguayan American School in Montevideo. Prior to moving to Uruguay, John Younger worked for RBC Capital Markets in New York and Toronto where he held a number of senior positions including the most recent position of Managing Director, Head of US Debt Capital Markets in New York. John Younger is a Chartered Financial Analyst and he holds a Finance and Accounting degree from the London School of Economics and a Bachelor of Arts from McGill University.
Benoit Debray, Chairman of Candax commented, "We are very pleased that John Younger has joined the board of Candax. His strong capital markets background will be a perfect complement to the skill sets of the current Candax directors."
Candax is an international energy company with its head office in Toronto and offices in Tunis and Madagascar. The Candax group is engaged in exploration and the production of oil and gas in Tunisia and holds an interest in an exploration permit in Madagascar.
This news release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the ability of Candax to continue to service its debt; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Candax to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Candax to fund the capital and operating expenses necessary to achieve the business objectives of Candax, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Candax. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Candax Energy Inc. should not place undue reliance on these forward-looking statements.