DALLAS, TX--(Marketwire - July 22, 2010) - Savanna East Africa, Inc. (
The letter is included in its entirety below.
Dear Fellow Shareholders -
Savanna East Africa has just completed a corporate restructuring and business reorganization instrumental to the Company's plan in East Africa. We are now on the verge of rapidly executing a number of substantial transactions that have been pending over the previous six months, in anticipation of the recently finalized restructuring and reorganization. The purpose of this letter is to highlight Savanna's business strategy and preview the Company's pending transactions. For even more detail on the Company's pending transactions, please look for a Webcast I will be conducting to be posted on the Company's website tomorrow, July 23rd.
The Company's name, Savanna East Africa, Inc. is new. In conjunction with the completion of the necessary corporate updates to facilitate Savanna's updated business strategy, the Company's name was changed from Nova Energy, Inc.
I am composing this letter from Nairobi, Kenya. I am here this week on a strategic business development follow-up trip with the NewMarket Technology, Inc. (
Savanna, under its old name, had previously been solely in the business of reworking known oil and gas reserves in the Southwest United States. We remain in the oil and gas reclamation business with renewed vigor. The Company has recently purchased drilling equipment and is in negotiations to lease property near the coast in the Southeast United States. This property has known reserves and extraction had been underway, but suffered hurricane damage and as of yet has not resumed production. Part of our recent reorganization included a consolidation of the Company's oil and gas resources into a newly formed subsidiary. We anticipate the combined growth of the oil and gas operations and East African development initiative to outpace Savanna's capacity as a micro-cap public company to sustain our high growth rate objective. Accordingly, we expect the likely spin-off of the oil and gas business within the next twelve to eighteen months, effectively making Savanna shareholders the shareholders of two public companies.
Early in 2009, NewMarket founded the Greenfield Partner Program to provide business entrepreneurs located in emerging markets with much-needed capital formation assistance and early-stage business development services. Simply stated, the Greenfield program helps emerging market entrepreneurs raise early-stage capital through the micro-cap public market while simultaneously assisting management teams with early stage business development efforts.
Under the guidance and vision of NewMarket's late board member Major General Hugh Robinson, the Greenfield program began meeting with entrepreneurs in East Africa in earnest last year. Once a pipeline of promising entrepreneurial opportunities was established, the Greenfield program sought out an established micro-cap public company that could be a viable partner for acquiring and developing the pipeline companies. The recent name change to Savanna East Africa and the corresponding restructuring and reorganization updates discussed in this letter today are the culmination of all those efforts initiated last year under Major General Hugh Robinson's leadership.
Major General Hugh Robinson was the original Chief Executive Officer of Savanna at the time the Company updated its pre-existing business plan with the current strategy to expand into the development of early-stage entrepreneurial operations in East Africa. I stepped into the role as the Chief Executive Officer of Savanna after we unfortunately lost Major General Hugh Robinson earlier this year when he unexpectedly passed away.
I had the good fortune to meet Major General Hugh Robinson through the Association of Graduates of the United States Military Academy at West Point where both of us received our undergraduate degrees. Major General Robinson's life and contribution to the world is nothing short of the stuff of legend. He was the first African-American ever to serve on the White House staff. He was President Johnson's Military Aid de Camp. Following an exceptional military career, he served as the chairman of the Federal Reserve Bank of Dallas. It is a humbling privilege for me to follow in his footsteps here at Savanna.
The Company will soon acquire what will become its primary operating subsidiary in East Africa. While we have been working to restructure and reorganize Savanna for developing entrepreneurial opportunities in East Africa, we have also been independently developing a private company organized under the laws of Kenya for the purpose of doing business in Kenya. Naturally, the Kenyan company and Savanna have worked closely together to develop the current pipeline of pending acquisitions. Part of my trip here to Nairobi is to finalize details for the acquisition of the Kenyan company by Savanna. Following the acquisition, we anticipate rapidly closing multiple acquisitions of early-stage high-growth entrepreneurial business concerns that are currently part of the pipeline of opportunities discussed in this letter.
We have a pending manufacturing and technology operations in the pipeline ready to be immediately acquired. We also have a number of ongoing projects under development. Tomorrow I will conduct a Webcast to provide the latest updates which will be posted to our new website www.savannaea.com. You can also anticipate a high frequency of press releases and Webcasts over the coming weeks with regular updates on the pending acquisitions and the development of the acquired operations. I look forward to sharing our progress in East Africa and with our oil and gas reclamation business with you.
Thank you,
Philip Verges
Savanna East Africa Information and Email Newsletter
To learn more about Savanna East Africa and to sign up for company email alerts, please visit the newly launched corporate website at www.savannaea.com.
About Savanna East Africa, Inc. (www.savannaea.com)
Savanna East Africa, Inc. (NVAE), previously named Nova Energy, Inc., launched an updated corporate strategy early this year to pursue several business lines in the growing economy of East Africa, initially in Kenya. Nova has already begun several initiatives in the region to include initiatives in the Technology, Utility, Housing and Health products industries. The Company is also continuing to grow its existing oil and gas reclamation business with new management and business strategies.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.
Contact Information:
Contact:
Savanna East Africa, Inc.
info@savannaea.com
214-722-3044