LONDON, Oct. 24, 2003 (PRIMEZONE) -- Crew Development Corporation ("Crew") (TSE:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRWVF) has granted 1.5 million warrants to Directors for a total cash consideration of CAD 105,000. Maturity is 24 October 2004, strike price is CAD 0.90 per share, and the premium paid is CAD 0.07 per warrant.
Hans Christian Qvist, Director and Chairman of Crew, will pay CAD 49,000 to Crew in exchange for Crew granting to Mr. Qvist the right to purchase 700,000 common shares from Crew on October 24, 2004 for CAD 0.90 per share. As a result of the above mentioned transaction, Mr. Qvist`s exposure was increased by 700,000 shares to a total of 3,450,000 Crew shares, including all forward contracts, warrants, common shares and options.
Jan Anders Vestrum, Director and Chief Executive Officer of Crew, will pay CAD 56,000 to Crew in exchange for Crew granting to Mr. Vestrum the right to purchase 800,000 common shares from Crew on October 24, 2004 for CAD 0.90 per share. As a result of the above mentioned transaction, Mr. Vestrum`s exposure was increased by 800,000 shares to a total of 7,650,000 Crew shares, including all forward contracts, warrants, common shares and options.
Jan A. Vestrum
President & CEO
For more information please contact Investor Relations Manager Truls Birkeland at Crew's Oslo Office (TEL +47 2212 1650), or our U.K. Head Office (TEL +44 1932 268 755), or by email to IR@crew.no .For more information about Crew, additional contact information or to subscribe to future news releases, please visit our new website www.crewdev.com
This news release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact, included in this release, and/or statements made by company officers or directors at any given time, as well as Crew's future plans are such forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Crew does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change.