ENCINO, Calif., Feb. 17, 2005 (PRIMEZONE) -- Avenue Group, Inc. (OTCBB:AVNU) announced today that Mr. Shaya Boymelgreen has joined its Board of Directors.
Shaya Boymelgreen of Boymelgreen Developers founded his company in 1994 as a full service developer, owner and manager of residential, mixed-use and retail property. Boymelgreen Developers is an established real estate development company with operations located in New York City, Toronto, Miami and Las Vegas with projects in the pipeline worth $6 billion. Under Mr Boymelgreen's leadership, Boymelgreen Developers is developing more than 5,000,000 square feet of commercial and residential properties in New York City alone.
Mr. Boymelgreen said, "I look forward to working with the board, and with the recent additions of Norman Singer and Ambassador Uri Bar-Ner to Avenue's Board of Directors I am confident about the future of the Company, and look forward to contributing to its growth."
"I am delighted to welcome Mr. Boymelgreen to our Board," said Levi Mochkin, Chairman, President and CEO. "Mr. Boymelgreen's contributions to the Board will help management shape the future growth of Avenue Group."
Avenue Group Inc., through its wholly owned subsidiary Avenue Energy Inc., engages in upstream oil and gas exploration and development. Together with its joint venture partner, the Sayer Group in Ankara, it holds exploration and production properties throughout Turkey, including a 15% participating interest in the Karakalise leases located in the Diyarbakir Petroleum District of southeast Turkey. The Karakalise Nr.1 has been producing high grade light crude oil since September, 2003. Karakalise Nr 2 has been spudded and suspended pending the end of the winter season. Avenue also holds a 50% interset in the North Rubai license and the Gercus license both of which are located between a fairway of producing oilfields of SE Turkey (including Turkey's largest oilfield, the Raman Field) and is close to the tri-nation boundary of Turkey, Iraq and Syria and the prolific oilfields of north eastern Syria and north western Iraq.
Certain information contained in this Press Release are considered forward-looking statements within the meaning of the Private Securities Litigation Act of 1995 (the "Act"), which became law in December, 1995. In order to obtain the benefits of the "safe harbor" provisions of the Act for any such forward-looking statements, we wish to caution investors and prospective investors about significant factors which, among others, have in some cases affected our actual results and are in the future likely to affect our actual results and cause them to differ materially from those expressed in any such forward-looking statements. This Press Release contains forward-looking statements relating to future operational and business prospects. Actual results may differ as a result of factors over which we have no control, including general economic and business conditions; effects of war or terrorists acts on the capital markets or the Company's activities, including oil and gas exploration and production. The Company's results may also be affected by competition; success of operating initiatives; operating costs; advertising and promotional efforts; the existence or absence of adverse publicity; changes in business strategy or development plans, the work at the Karakilise and other licenses and the workovers at the Kahta license, any additional activities at these licenses suggested by the operator, the ability to retain management; availability, terms and deployment of capital; business abilities and judgment of personnel; availability of qualified personnel; labor and employment benefit costs; changes in, or failure to comply with various government regulations; slower than anticipated completion of research and development projects and movements in the foreign exchange rate. Future results with respect to oil and gas properties would be subject to the timing and amount of capital expenditures by us; drilling of wells; timing and amount of future production of oil and gas; operating costs and other expenses; cash flow and anticipated liquidity; prospect development and property acquisitions; and our marketing of oil and gas. Other factors include, among others: oil and gas price volatility; our ability to find, acquire, market, develop and produce new properties; the risks associated with acquisitions and exploration; operating hazards attendant to the oil and gas business; downhole drilling and completion risks that are generally not recoverable from third parties or insurance; uncertainties in the estimation of proved reserves and in the projection of future rates of production and timing of development expenditures; potential mechanical failure or underperformance of significant wells; the strength and financial resources of our competitors and our ability to find and retain skilled personnel.