 | Suite 1204- 120 Adelaide St. W |
| Toronto, Ontario |
| M5G 1T1 |
| www.adiraenergy.com |
| t. 416.361.2211 |
| f.416.361.6455 |
| TSX.V: ADL |
News Release
ADIRA ENERGY ANNOUNCES CHANGE IN FINANCIAL YEAR-END ANDFILING OF
INTERIM FINANCIAL STATEMENTS AND MD&A
TORONTO, August 30, 2011 /CNW/ - ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8).Adira Energy Ltd. (“Adira” or the “Company”) announced today that it has changed its financial year-end from September 30 to December 31 in order to better coordinate reporting with its Israel operations.
Adira also announced that it has filed audited financial statements and accompanying Management Discussion and Analysis for the year ended December 31, 2010 and its interim financial statements and accompanying Management Discussion and Analysis with Canadian securities regulatory authorities for the six month period ended June 30, 2011.
A Notice of Change in Year-End and interim financial statements are available for review under the Corporation's SEDAR profile atwww.sedar.com.
About Adira Energy Ltd.
Adira Energy Ltd. is an energy company which explores for oil and gas on and offshore Israel. It has four petroleum exploration licenses; the Eitan, Gabriella, Yitzhak and Samuel Licenses. These licenses are located respectively on-shore Israel in the Hula Valley, 10 km offshore between Netanya and Ashdod, 17 km offshore between Hadera and Netanya and adjacent to the coast between Ashkelon and Bat-Yam.
The Company has filed an independent technical report related to the Eitan license on www.sedar.com. The report, prepared by Petrotech Engineering Ltd., is titled “Evaluation of the Interest of Adira Energy Corp. in License No.356 EITAN in the Hula Valley, Israel”, dated June 1, 2009 and is supplemented by a letter dated October 8, 2009.
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this press release, other than statements of historical facts, including those that announce proposed financings that the Company expects to complete, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the failure of investors who are believed to have committed to the financings to complete them as a result of general market conditions, adverse developments unique to such investors, or otherwise. Accordingly, the actual amounts raised may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company’s filings, available atwww.sedar.com andwww.sec.gov. This
announcement does not constitute an offering of securities nor a solicitation to purchase securities. An offer of securities will only be made by subscription agreement and subject to applicable law.
| For More Information Contact: | |
| | |
| Canada | Israel |
| Alan Friedman | Arad Communications |
| Exec. Vice President, Corp. Dev. | Irit Radia |
| +1 416 250 1955 | iritr@euroisrael.co.il |
| | +972-3-7693333 or +972-54-6699311 |
| Julia Maxwell | |
| Manager, Investor Relations | |
| info@adiraenergy.com | |
| +1 416 361 2211 | |
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
