Avery Changes Name, Consolidates Shares 5:1
Avery Resources Inc. announced that at an Annual and Special Meeting of shareholders held on July 17, 2008, the Company received requisite approval for the name change of the Company to Bengal Energy Ltd. and to
consolidate its shares on a 5:1 basis. The name change better reflects the Company's broadened international oil and gas focus.
This follows the Company's appointment of a new management team and purchase of Bengal Energy Inc. in February 2008. In addition the following directors were elected at the Meeting and will continue as directors of Bengal: Bradley G. Johnson, Chayan Chakrabarty, Richard Edgar, Judith Stripling, Ian J. Towers, James B. Howe and Ted Hanbury.
Bengal wishes to thank R. Stephen Peacock for his contributions as a director of Avery. Avery is pleased to announce the addition of Ted Hanbury as a director of the Company. Hanbury is the Executive Vice President of Daylight Resources Trust, and is a professional engineer. He has extensive international experience, much of which occurred together with the current management team of Bengal.
It is anticipated that the Company will trade on the TSX under Bengal Energy Ltd. and on a consolidated basis on or about Tuesday July 22, 2008 at which point the trading symbol will change from "ARY" to "BNG". The Company's website address will change from www.averyresources.com to www.bengalenergy.ca.
Subsequently, the Company effected the name change and consolidation by filing the required documents
with corporate registry. Registered shareholders of the Company are required to deliver their existing common share certificates (the "Old Common Shares") to the Company's registrar and transfer agent, Valiant Trust Company, who will exchange the Old Common Shares for new common share certificates of Bengal on the basis of five Old Common Shares for every one New Common Share.
A Letter of Transmittal for the exchange of the shares will be sent to all registered shareholders of record. To receive New Common Shares, registered shareholders should follow the instructions set out in the Letter of Transmittal and send their Old Common Shares, together with the Letter of Transmittal, to Valiant. Valiant will then deliver, or hold for pick up, the New Common Shares to which each registered shareholder is entitled, in
accordance with the instructions given in the Letter of Transmittal.