Press release from Marketwire
NWest Energy Announces Special Meeting of Shareholders
Monday, August 30, 2010
NWest Energy Announces Special Meeting of Shareholders08:52 EDT Monday, August 30, 2010CALGARY, ALBERTA--(Marketwire - Aug. 30, 2010) - NWest Energy Inc. ("NWest" or the "Corporation") (TSX VENTURE:NWN) announces that the board of directors has authorized the calling of a special meeting of shareholders of the Corporation (the "Meeting") to be held on Wednesday, October 20, 2010 at 2:00 p.m. (Newfoundland Standard Time) at the Baine Johnston Centre, 10 Fort William Place, Suite 200, St. John's, Newfoundland and Labrador. At the Meeting, the Corporation will seek approval for a consolidation of the common shares of the Corporation on the basis of one (1) new common share for each ten (10) existing common shares of the Corporation (the "Consolidation"). In addition to the Consolidation, the Corporation will also seek the approval of its shareholders to change the name of the Corporation from "NWest Energy Inc." to "NWest Energy Corp.", or such other name as the board of directors may determine. The record date (the "Record Date") for the Meeting is September 20, 2010. The Notice of Meeting, Information Circular and Form of Proxy are expected to be mailed to all shareholders of the Corporation on September 23, 2010. The proposed consolidation and name change are subject to shareholder approval and TSX Venture Exchange (the "Exchange") acceptance. The Corporation currently has 94,741,924 common shares issued and outstanding and will have 9,474,195 shares issued and outstanding upon approval of the consolidation by shareholders and acceptance by the Exchange.The Board of Directors believes that it is in the best interests of the Corporation to consolidate the shares of the Corporation in order to create a more favourable capital structure for financing future project acquisitions. The Corporation will seek to acquire additional petroleum exploration and development opportunities.About NWest EnergyNWest Energy is a Canadian junior oil and gas company exploring off the west coast of Newfoundland and Labrador. NWest holds approximately 1.6 million acres of prospective frontier property in the Anticosti basin in a geologically favourable environment for exploration. Further information regarding the Company and its exploration licences is available at www.nwestenergy.com.The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.There can be no assurance that forward-looking information will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.FOR FURTHER INFORMATION PLEASE CONTACT: NWest Energy Inc. Robert Webb President & CEO (709) 722-3757 firstname.lastname@example.org www.nwestenergy.com Neither TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.