PRESS RELEASE DATED 2010-05-20
CHANGE OF NAME FROM MALKA OIL AB TO PETROGRAND AB
At an Extraordinary Shareholders' Meeting of shareholders in Malka Oil AB (publ)
in Stockholm held the 27(th) of April, the meeting resolved to adopt the board
of director's proposal for a new business plan for the Company and as part
thereof to change the name to Petrogrand AB (publ) and to amend the articles of
association in accordance with the proposal by the board of directors.
On May 7, 2010, the change of name from Malka Oil AB to Petrogrand AB was
registered at Bolagsverket. Petrogrand AB is currently working to get a new
website up and running and it will be available at www.petrogrand.se
<http://www.petrogrand.se/>. Furthermore Petrogrand AB is in a process of
changing names in First North and will trade with the name PETRO from May
25, 2010.
For further information, please contact:
Maks Grinfeld, MD, tel: +46 768 077 614
Sven-Erik Zachrisson, Chairman of the Board of Directors, tel: +46 8 41 05 45 96
Certified Adviser First North: HQ Bank
Reasonable caution notice: The statement and assumptions made in the company's
information regarding Malka Oil AB's ("Malka") current plans, prognoses,
strategies, concepts and other statements that are not historical facts are
estimations or "forward looking statements" concerning Malka's future
activities. Such future estimations comprise but are not limited to statements
that include words such as "may occur", "concerning", "plans", "expects",
"estimates", "believes", "evaluates", "prognosticates" or similar expressions.
Such expressions reflect the management of Malka's expectations and assumptions
made on the basis of information available at that time. These statements and
assumptions are subject to a large number of risks and uncertainties. These, in
their turn, comprise but are not limited to i) changes in the financial, legal
and political environment of the countries in which Malka conducts business, ii)
changes in the available geological information concerning the company's
projects in operation, iii) Malka's capacity to continuously guarantee
sufficient financing to perform their activities as a "going concern", iv) the
success of all participants in the group, or of the various interested
companies, joint ventures or secondary alliances, v) changes in currency
exchange rates, in particular those relating to the RUR/USD rate. Due to the
background of the many risks and uncertainties that exist for any
oil-prospecting venture and oil production company in its initial stage, Malka's
actual future development may significantly deviate from that indicated in the
company's informative statements. Malka assumes no implicit liability to
immediately update any such future evaluations.
[HUG#1417712]
