This is a translation of the Swedish version. In case of any discrepancy between
the English and the Swedish version, the Swedish version shall take precedence.
PRESS RELEASE DATED 10-05-26
Correction
As stated in a press release dated 20 May 2010, Petrogrand AB (publ) has issued
a notice to convene the annual general meeting to be held on 21 June 2010. The
notice has further been published in Svenska Dagbladet and Post och Inrikes
Tidningar on 24 May 2010.
As a result of a typing error in the notice, item 15 in the proposed agenda
states that the price for each subscription warrant may never be less than SEK
0.185 (alternatively SEK 0.165 in the event the AGM resolves on SEK 0.02
dividend distribution according to item 9(b) in the agenda). It should state
that the price per share may never be less than SEK 0.185, alternatively SEK
0.165. Consequently, the correct wording of the last sentence of paragraphs six
and ten respectively under item 15 is: "The price for each share shall however
never be less than SEK 0.185 (alternatively SEK 0.165 in the event the AGM
resolves on SEK 0.02 dividend distribution according to item 9b) above)."
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 Petrogrand AB's ("Petrogrand") current plans, prognoses,
strategies, concepts and other statements that are not historical facts are
estimations or "forward looking statements" concerning Petrogrand'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 Petrogrand'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
Petrogrand conducts business, ii) changes in the available geological
information concerning the company's projects in operation, iii) Petrogrand'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, Petrogrand's actual future development may significantly deviate
from that indicated in the company's informative statements. Petrogrand assumes
no implicit liability to immediately update any such future evaluations.
[HUG#1418701]
