JOHANNESBURG, South Africa, March 18, 2010 (GLOBE NEWSWIRE) -- Odyssey Oil & Energy, Inc. (OTCBB:OOGI) announces the cancellation of the acquisition of 51% of H-Power International (Pty) Ltd.
The cancellation was subject to certain conditions, which have now been fulfilled. Odyssey will cancel the 65,000,000 issued for the original acquisition and all monies advanced to H-Power will be repaid to Odyssey. The first installment has been received.
"This allows Odyssey to pursue various GREEN projects which have recently been presented to Odyssey," said Arthur Johnson, President.
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the company's dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company's products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.