September 27, 2007
Highland Resources Announces Termination Of Letter Of Intent
Vancouver, September 27, 2007. Highland Resources Inc. ("Highland" or the "Company") (TSXV: HI.P), announces that the Letter of Intent dated May 24, 2007 with PJV Resources Inc. ("PJV"), Planet Gas Limited ("Planet") (ASX: PGS), an Australian Stock Exchange-listed company, and USCBM Joint Venture Co. Inc., a wholly-owned subsidiary of Planet, ("USCBM") has been terminated.
The Letter of Intent contemplated the entering into a joint venture and option arrangement over USCBM's coal bed methane assets located in the Powder River Basin and Cherokee Basin in the United States and a business combination transaction (the "Transaction").
The parties agreed that, as a result of adverse market conditions, it is not in their best interests to complete the Transaction.
About Highland
Highland is a Canadian Capital Pool Company (as defined by the TSX-V Policy 2.4) which was incorporated on June 7, 2006. Its principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction for the purposes of satisfying the listing requirements of the Canadian TSX-V.
The Transaction was supposed to constitute a qualifying transaction as defined by Policy 2.4 of
the TSX Venture Exchange. The Company will use its resources to find and evaluate other
businesses in view of completing a qualifying transaction.
For further information please contact:
Robert Eadie
President and Chief Executive Officer
Tel: 604-602-4935
The TSX-V has in no way passed upon the merits of the Transaction or the Financing and has neither approved nor disapproved the contents of this press release.
The Letter of Intent contemplated the entering into a joint venture and option arrangement over USCBM's coal bed methane assets located in the Powder River Basin and Cherokee Basin in the United States and a business combination transaction (the "Transaction").
The parties agreed that, as a result of adverse market conditions, it is not in their best interests to complete the Transaction.
About Highland
Highland is a Canadian Capital Pool Company (as defined by the TSX-V Policy 2.4) which was incorporated on June 7, 2006. Its principal business is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction for the purposes of satisfying the listing requirements of the Canadian TSX-V.
The Transaction was supposed to constitute a qualifying transaction as defined by Policy 2.4 of
the TSX Venture Exchange. The Company will use its resources to find and evaluate other
businesses in view of completing a qualifying transaction.
For further information please contact:
Robert Eadie
President and Chief Executive Officer
Tel: 604-602-4935
The TSX-V has in no way passed upon the merits of the Transaction or the Financing and has neither approved nor disapproved the contents of this press release.