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January 22, 2010
Corporate Update
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December 09, 2009
Ona Power Appoints Thomas Kennedy As Chief Financial Officer
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September 02, 2009
Previously Granted Incentive Stock Options Cancelled
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| August 28, 2009 Corporate Update | |
| SUCCESSFUL EXECUTION OF AGREEMENT WITH DEBENTURE HOLDERS PROVIDING EXTENSION OF TERM. ONA OBTAINS PLEDGE OF ALL SHARES FROM YPPC MINORITY PARTNERS Vancouver, British Columbia, August 28, 2009: ONA POWER CORP. (CNSX: OPO / Frankfurt: O3X) is pleased to announce that it has successfully concluded the negotiations with its debenture holders. Under the terms of the agreement reached , the debenture holders have agreed to extend the maturity of the remaining balance and accrued interest to December 30th, 2010 after payment of $900,000 from the proceeds of the recently financing. As additional consideration necessary for this extension, ONA will be issuing to the debenture holders 1 million 2 year warrants with an exercise price of $0.40 per share. All other previous features of the debentures will remain the same including convertibility feature at $3 per share. The Company is also pleased to announce that during a visit last week to its YPPC project in Hunan, China, management was able to obtain the pledge from its two minority partners of all their shares (40% not owned by ONA) in exchange for future advances ONA will make on their behalf to the project. During the visit at YPPC, management has interviewed several candidates and filled a few key positions including the appointment of Mr Wu as new Deputy General Manager. Mr. Wu is a power plant specialist with 16 years of professional work experience. Because of recent operational improvements which have directly affected profitability, management has also been able to negotiate favourable credit terms with coal suppliers which provide for a repayment schedule based on cash flows. This will allow the plant to keep operating and to generate revenues despite the fact that its working capital position is limited. ONA management is in the process of reviewing its overall financial needs in light of the recent operational changes and successful negotiations with its debenture holders. Management expects the planning exercise to be finalised very shortly and will communicate with its shareholders upon its completion. Again management wishes to thank its shareholders for their patience during this transition period and to assure them that all efforts are currently being deployed to quickly turn ONA into a profitable independent power producer. ONA POWER CORP. (www.onapowercorp.com) is a Canadian-based international energy company focused on the acquisition and development of power generation projects For information on the ONA POWER CORP. please contact: Sandeep Poonia, President & CEO Tel.: (604) 685-2542 Email: info@onapowercorp.com The CNSX has not reviewed and does not accept responsibilityfor the adequacy or accuracy of the content of this news release. This news release may contain certain forward-looking statements that reflect the current views and/or expectations of Ona Power Corp with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, statements regarding the outlook for future operations, forecasts of future costs and expenditures, evaluation of market conditions, the outcome of legal proceedings, the adequacy of reserves or other business plans. Investors are cautioned that any such forward-looking statements are not guarantees and may involve risks and uncertainties, and that actual results may differ from those in the forward-looking statements as a result of various factors, such as: general economic and business conditions, including changes in interest rates, prices and other economic conditions; actions by competitors; natural phenomena; actions by government authorities, including changes in government regulation; uncertainties associated with legal proceedings; technological development; future decisions by management in response to changing conditions; the ability to execute prospective business plans; and misjudgements in the course of preparing forward-looking statements. These risks, as well as others, could cause actual results and events to vary significantly. Ona Energy does not undertake any obligation to release publicly any revision for updating any voluntary forward--looking statements | |
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