Energy Holdings Inc. (Primeline) reported that Company management cannot explain the recent downturn of PEH shares in the market. Management asserts that there has not been any new development, material or otherwise, disrupting Primeline's advancement of the operations in Company's Block 25/34 in the East China Sea.
Primeline's Board of Directors also confirmed that the Company is progressing its planned activities as previously announced and that there are no negotiations or agreements relating to intended acquisitions or realizations which require disclosure under the rules of the TSX Venture Exchange or otherwise, neither are we aware of any material facts or material changes in the business or affairs of Primeline requiring disclosure.
Further, it should be noted that the Company's previous announcement of February 21, 2008, which reported that the Petroleum Contract for Block 25/34 was extended in favour of Primeline, was a positive development for the Company and for the operations in Block 25/34.
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