For Release Immediately
- -----------------------
INTERUNION CLOSES MERGER WITH BMB HOLDING, INC.
AND US$10,100,000 PRIVATE PLACEMENT
FOR KAZAKHSTAN OIL & GAS OPERATIONS
Palm Beach, Fl. December 1, 2003: InterUnion Financial Corporation
("InterUnion") (OTCBB: IUFN), announced today that it has acquired all the
shares of BMB Holding Inc. ("BMB"). The merger with BMB announced on August 18,
2003, was closed on November 25, 2003 and the US$10,100,000 Private Placement
closed November 26, 2003. Upon receiving certification from the State of
Delaware, InterUnion will change its name to BMB Munai Inc. ("BMB Munai") and
consolidate its common shares on the basis of 1 new share for 10 old shares
resulting into 19,829,292 common shares outstanding.
BMB indirectly holds a 70% interest in the Aksaz, Dolinnoe and Emir Oil fields
("ADE fields") in Kazakhstan (the "Acquisition").
"After having been a business bank for close to ten years and having profitably
sold our two main assets: the investment management subsidiary, InterUnion Asset
Management to a United Kingdom based group, and the private equity subsidiary
Credifinance Capital Corp. of Palm Beach, Fl., to our major shareholder, we were
presented with a new business opportunity by Credifinance Securities Limited of
Toronto, Canada. Credifinance expertise in the Caspian Sea has been instrumental
for a number of success stories in the sector, hence our decision to partner and
finance an oil and gas company which is located in one of the most coveted areas
in the world," said Georges Benarroch, former President of InterUnion and
President of Credifinance, who continued, "it is the first time that such an
outstanding Kazakh group: acknowledged expertise, right pedigree, valuable
connections and proper credentials has decided to use the `western way' in
obtaining financing for a venture through a merger with a North American public
vehicle. The success of the financing speaks for itself: whereas most, if not
all new ventures in Kazakhstan had a slow start, it took only 4 months to
complete the merger and obtain funds from the most sophisticated international
institutions following the CIS market."
Alex Agaian, the new President and CEO of BMB Munai (formerly InterUnion)
declared: "Together with the other directors of BMB Munai, I look forward to a
successful venture. The next months will be extremely busy for us as we shall
take advantage of the evaluation reports we have received from PGS Reservoir
Consultants of Oslo, Norway and McDaniel & Associates of Calgary, Canada to
develop our reserves further. Our immediate plan is to conclude negotiation for
the purchase of the 30% interest in the ADE field that we do not own; finish
some time in January 2004 the 3D seismic work we have undertaken in October
2003, and be able to announce test production on the Dolinnoe # 1 and Emir #1
wells by the end of January 2004." Mr. Agaian continued: "Kazakhstan is a land
of opportunity not only for oil and gas companies but in all sectors as
investors and entrepreneurs can enjoy an environment beneficial for business".
BMB Munai Inc., (formerly InterUnion) is a Delaware corporation, with offices in
New York City and Almaty, Kazakhstan, which is engaged in the exploration,
development, exploitation and production of crude oil and natural gas. The
Company's operations are primarily focused onshore in the hydrocarbon rich
Caspian region in the Republic of Kazakhstan. Emir Oil LLC., a 70% subsidiary of
BMB, is a limited liability corporation organized under the laws of Kazakhstan.
Emir Oil principal asset is its license for the ADE Fields - Aksaz, Dolinnoe and
Emir - located 45 kilometers northeast of the Caspian Sea port city of Aktau, in
the Mangistau Oblast of western Kazakhstan.
The new directors of BMB Munai (formerly InterUnion) are (by alphabetical
order):
- Dr. Alexandre Agaian: since founding the very first commercial
bank in the USSR in 1988: the Innovation Bank of St Petersburg, Dr
Agaian, a resident of the U.S., has served as Chairman or
President of a number of banks and companies in Russia and the
U.S.A.
- Mr. Bakhytbek Baiseitov: after a successful career at the State
Bank of Kazakhstan and being the youngest Head of the Industrial
Department of the Kazakh Republican Office of the State Bank of
the USSR, Mr. Baiseitov founded Bank CenterCredit, the first
private (cooperative) bank in the USSR of which he is the
Chairman. Amongst a number of other positions held in the private
and public sectors, Mr. Baiseitov is also the President of the
Banking Association of Kazakhstan.
- Mr. Georges Benarroch: with 25 years experience in investment
banking, Mr. Benarroch has managed or controlled through holding
companies a number of private and public entities in Canada, the
US and Switzerland. Mr. Benarroch is the former President of
InterUnion Financial Corporation (now BMB Munai Inc.), former
Chairman of InterUnion Asset Management, a $1.5 billion asset
management corporation he has founded, former Chairman of
Credifinance Gestion S.A., a $4 billion advisory firm he has
founded. He is currently President of Credifinance Capital Corp.,
a private equity firm based in Florida and of Credifinance
Securities Limited, of Toronto, a specialized institutional
investment bank. Mr. Benarroch sits on the board of a number of
international corporations and charitable organizations.
- Mr. Boris Cherdabayev: with over 30 years experience in the
international petroleum industry, Mr. Cherdabayev has been on the
board of directors or been an executive officer for a number of
companies active in the Caspian Sea area: TCO TengizChevroil,
Kazakhoil (the national company), Uzenmunaygas, Kazakhoil-Emba,
KazakhstanCaspiShelf, Mangistau Munai Gas, Mangyshlakneft,
Karakadukmunai and a number of other corporations.
- Dr. Mirgali Kunayev: with over 20 years experience in the
petroleum industry, Dr. Kunayev serves as Chairman of AralParker,
a joint venture between Parker Drilling, a U.S. drilling services
company and AralNedra. Dr. Kunayev was President of
KazakhstanCaspiShelf, a state oil company. Dr Kunayev currently is
on the board of directors of Bank CenterCredit, several companies
operating on and off-shore the pre-Caspian basin and a number of
other public or private corporations in Kazakhstan and the U.S.A.
Contacts: Georges Benarroch,
(416) 955-0159
Alexandre Agaian
(212) 534-4898
The information contained in this release includes forward-looking statements
that are subject to risks and uncertainties that could cause actual results to
differ materially.
Certain statements contained herein constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, performance or achievements
of the Company to be materially different from those expressed or implied.
Forward-looking statements involve risks and uncertainties, including but not
limited to, such risks as are described in the Company's annual report.
-2-
================================================================================
For Release Immediately
- -----------------------
INTERUNION SIGNS LETTER OF INTENT FOR OIL & GAS PROPERTY IN KAZAKHSTAN
Palm Beach, Fl. August 18, 2003: InterUnion Financial Corporation ("InterUnion")
(OTCBB: IUFN), announced today that it has entered into a non-binding Letter of
Intent (the "LOI") with BMB Holding, Inc. ("BMB"), a Delaware corporation with
offices in New York and Almaty, Kazakhstan, for the proposed acquisition by
InterUnion of all of the outstanding shares of BMB, which indirectly holds a 70%
interest in the Aksaz, Dolinnoe and Emir oil fields in Kazakhstan (the
"Acquisition").
The proposed Acquisition is subject to certain conditions, including due
diligence, the execution of a definitive agreement and approval of the
Acquisition by the board of directors and shareholders of the respective
companies as well as all regulatory and other approvals.
The terms of the Acquisition provide that InterUnion will issue to the
shareholders of BMB 142,857,143 Common Shares, nominate 4 directors of BMB to
the InterUnion board of directors, will obtain InterUnion shareholders approval
for a share consolidation on the basis of one InterUnion share for ten old
InterUnion shares and will raise up to $10 million ("the Financing"). InterUnion
and BMB expect that the Closing of the Acquisition and of the Financing will
occur on or before October 27, 2003.
BMB has secured the services of Credifinance Securities Limited, of Toronto,
Canada ("Credifinance") as advisor for the Acquisition and to raise a maximum of
$10,000,000. Since interest for investments in the CIS has developed in 1994,
Credifinance has provided expert advice on all aspects of investment banking,
including Toronto Stock Exchange sponsorship, and arranged financing for a
number of US and Canadian oil & gas companies in and around the Caspian Sea.
BMB
BMB Holding, Inc. is an independent company engaged in the exploration,
development, exploitation and production of crude oil and natural gas. The
Company's operations are primarily focused onshore in the hydrocarbon rich
Caspian Sea region of the Republic of Kazakhstan. BMB conducts its operations in
Kazakhstan through a 70%-owned subsidiary, Emir Oil, LLC ("Emir Oil"). Emir Oil
is a limited liability corporation organized under the laws of Kazakhstan.
Emir Oil's principal asset is its licence for the ADE Fields - Aksaz, Dolinnoe
and Emir - located onshore, 45 kilometres northeast of the Caspian Sea port city
of Aktau, in the Mangistau oblast of western Kazakhstan. The ADE hydrocarbon
reserves have been evaluated by PGS Reservoir Consultants of Oslo, Norway. PGS
estimates recoverable reserves in the three fields at 145 million barrels of oil
and 400 billion cubic feet of natural gas (expected case). Of this, reserves
currently in the proved category are estimated at 33 million barrels of oil and
100 billion cubic feet of natural gas.
The directors of BMB who will join the InterUnion board of directors are:
- Mr. Boris Cherdabayev: a prominent figure in the Kazakhstan energy
sector, with 30 years experience in the Petroleum industry. Mr.
Cherdabayev has been on the board of directors or has been an
executive of companies such as TCO TengizChevroil; national oil
and gas company Kazakhoil; Uzenmunaygas; Kazakhoil-Emba;
Kazakhstancaspiyshelf; MangistauMunaiGas, Mangyshlakneft;
Karakadukmunai and many other entities;
- Mr. Bakhytbek Baiseitov, a prominent figure in banking, business
and political circles of Kazakhstan: after starting a brilliant
career at the State Bank of Kazakhstan and being the youngest Head
of the Industrial Department of the Kazakh Republican Office of
the State Bank of the USSR, Mr. Baiseitov founded Bank
CenterCredit, the first private (cooperative) bank in the USSR of
which he was and still is Chairman. Amongst a number of other
positions held in the private and public sectors, Mr. Baiseitov is
also Chairman of Kazakhstan International Bank and President of
The Banking Association of Kazakhstan;
- Dr. Mirgali Kunayev, a prominent figure in the business circles of
Kazakhstan: Chairman of the Board of AralParket, a joint venture
between Parker Drilling, a U.S. drilling company and AralNedra, a
Kazakh company. Dr. Kunayev was a president of
KazakhstanCaspiShelf, a state oil company. He is now on the board
of directors of Bank CenterCredit, several oil & gas services
companies operating on and offshore in the pre-Caspian basin and
serves as Chairman and CEO of a U.S. public company, EMPS
Corporation;
- Dr. Alexandre Agaian: since creating the very first commercial
bank in the USSR in 1988, the Innovation Bank of St. Petersburg,
Dr. Agaian has served as Chairman or director of a number of banks
or financial institutions in Russia and the U.S.
InterUnion
InterUnion Financial Corporation is a business bank specialized in providing
financial services.
Contacts: Georges Benarroch
(561) 845-2849
www.interunion-financial.com
Brad Peech
(416) 955-0159
www.credifinance.com
The information contained in this release includes forward-looking statements
that are subject to risks and uncertainties that could cause actual results to
differ materially.
Certain statements contained herein constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, performance or achievements
of the Company to be materially different from those expressed or implied.
Forward-looking statements involve risks and uncertainties, including but not
limited to, such risks as are described in the Company's annual report.
###
-2-
================================================================================
For Release Immediately
- -----------------------
INTERUNION CLOSES US.$5.9 MILLION PRIVATE PLACEMENT
AND ANNOUNCES NEW US.$5.1 MILLION PRIVATE PLACEMENT
Palm Beach, Fl. November 18, 2003: InterUnion Financial Corporation
("InterUnion") (OTCBB: IUFN), announced today that it has met all the terms of
the Letter of Intent (the "LOI") signed with BMB Holding, Inc. ("BMB") announced
on August 18, 2003, for the acquisition by InterUnion of all the outstanding
shares of BMB, which indirectly holds a 70% interest in the Aksaz, Dolinnoe and
Emir Oil fields in Kazakhstan (the "Acquisition").
InterUnion has now received, in trust, $5.9 million, which are the proceeds of
the Private Placement to accredited investors of 2,745,494 common shares of
InterUnion (post-consolidation) at $2.15 per share. Closing of the Private
Placement is expected to occur on or about November 20, 2003.
InterUnion, which will be renamed BMB Munai after the Closing, also confirmed
the launching of a new Private Placement to accredited investors for a maximum
of US$5.1 million (2,040,000 Common Shares, including the "green shoe" priced at
$2.50 per share (post consolidation) to close on or before December 11, 2003.
"This transaction has been well received by institutions with a solid knowledge
of oil & gas exploration and production in the Caspian region. One of the most
interesting features of the deal is the management team which comprises
prominent Kazakh with second to none expertise and connections in the oil and
gas as well as the banking sectors. It is the first time we see a local group
using a public vehicle for acquisitions and financing, which bodes well for the
future of this company" declared Georges Benarroch, President & CEO of
InterUnion who is also the President & CEO of Credifinance Securities Limited of
Toronto, Canada, an investment bank which has established an acknowledged
expertise in research and fund raising for CIS projects.
BMB
BMB Holding, Inc. is a Delaware corporation, with offices in New York and
Almaty, Kazakhstan, which is engaged in the development, exploitation,
production and exploration of crude oil and natural gas. The Company's
operations are primarily focused onshore in the hydrocarbon rich Caspian Sea
region of the Republic of Kazakhstan. Emir Oil is a limited liability
corporation organized under the laws of Kazakhstan. Emir Oil's principal asset
is its licence for the ADE Fields - Aksaz, Dolinnoe and Emir - located onshore,
45 kilometres northeast of the Caspian Sea port city of Aktau, in the Mangistau
oblast of western Kazakhstan. The ADE hydrocarbon reserves have been evaluated
by PGS Reservoir Consultants of Oslo, Norway. PGS estimates recoverable reserves
in the three fields at 145 million barrels of oil and 400 billion cubic feet of
natural gas (expected case). Of this, reserves currently in the proved category
are estimated at 33 million barrels of oil and 100 billion cubic feet of natural
gas.
The directors of BMB who will join the InterUnion board of directors are:
- Mr. Boris Cherdabayev: a prominent figure in the Kazakhstan energy
sector, with 30 years experience in the Petroleum industry. Mr.
Cherdabayev has been on the board of directors or has been an
executive of companies such as TCO TengizChevroil; national oil
and gas company Kazakhoil; Uzenmunaygas; Kazakhoil-Emba;
Kazakhstancaspiyshelf; MangistauMunaiGas, Mangyshlakneft;
Karakadukmunai and many other entities;
- Mr. Bakhytbek Baiseitov, a prominent figure in banking, business
and political circles of Kazakhstan: after starting a brilliant
career at the State Bank of Kazakhstan and being the youngest Head
of the Industrial Department of the Kazakh Republican Office of
the State Bank of the USSR, Mr. Baiseitov founded Bank
CenterCredit, the first private (cooperative) bank in the USSR of
which he was and still is Chairman. Amongst a number of other
positions held in the private and public sectors, Mr. Baiseitov is
also Chairman of Kazakhstan International Bank and President of
The Banking Association of Kazakhstan;
- Dr. Mirgali Kunayev, a prominent figure in the business circles of
Kazakhstan: Chairman of the Board of AralParket, a joint venture
between Parker Drilling, a U.S. drilling company and AralNedra, a
Kazakh company. Dr. Kunayev was a president of
KazakhstanCaspiShelf, a state oil company. He is now on the board
of directors of Bank CenterCredit, several oil & gas services
companies operating on and offshore in the pre-Caspian basin and
serves as Chairman and CEO of a U.S. public company, EMPS
Corporation;
- Dr. Alexandre Agaian: since creating the very first commercial
bank in the USSR in 1988, the Innovation Bank of St. Petersburg,
Dr. Agaian has served as Chairman or director of a number of banks
or financial institutions in Russia and the U.S.
InterUnion
InterUnion Financial Corporation is a business bank specialized in providing
financial services.
Contacts: Georges Benarroch,
President and Chief Executive Officer,
InterUnion Financial Corporation
(561) 845-2849
www.interunion-financial.com
Alexandre Agaian
President and Chief Executive Officer, BMB Holding, Inc.
(212) 534-4898
Brad Peech
Corporate Finance, Credifinance Securities Limited
(416) 955-0159
www.credifinance.com
The information contained in this release includes forward-looking statements
that are subject to risks and uncertainties that could cause actual results to
differ materially.
Certain statements contained herein constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, performance or achievements
of the Company to be materially different from those expressed or implied.
Forward-looking statements involve risks and uncertainties, including but not
limited to, such risks as are described in the Company's annual report.
###
-2-
================================================================================
For Release Immediately
- -----------------------
BMB'S EMIR OIL INITIATES WORK-OVER OF TWO OIL WELLS IN KAZAKHSTAN
ALSO INTENDS TO COMMERCIALIZE NATURAL GAS PRODUCTION
Palm Beach, Fl. October 20, 2003: InterUnion Financial Corporation
("InterUnion") (OTCBB: IUFN), announced today that BMB Holding, Inc.'s 70%-owned
subsidiary, Emir Oil, LLC ("Emir Oil") has initiated the work-over of two
existing wells, one located on the Dolinnoe oil field (Dolinnoe-1) and the other
on the Emir oil field (Emir-1), in Kazakhstan.
Preliminary results indicate that some service work has to be done to maintain a
steady productivity rate on Dolinnoe-1. Emir-1 showed extremely high pressure
and good productivity in a test that approximated 30 minutes in length. In
accordance with local regulations, test production has been interrupted until
local government inspectors approve a detailed work program with appropriate
safety measures. More oil trucks will be acquired to provide a steady and smooth
oil delivery to the oil storage facilities owned by BMB's 30% partner in Emir
Oil.
Given these new field developments, representatives of McDaniel & Associates
will be visiting Kazakhstan in early November to view the testing of Dolinnoe-1
and Emir-1 and to inspect the rest of the ADE block before finalizing their
review of the reserves of the ADE Fields. It is anticipated that McDaniel &
Associates will complete their review by mid-November. McDaniel & Associates
Ltd. is a leading independent petroleum consulting firm that has provided its
services in virtually all petroleum producing regions in the world including
Kazakhstan, Russia, Ukraine, Onshore UK, North Sea, Indonesia, Australia,
Africa, Middle East, North America, South America, Cuba and Trinidad.
BMB plans to tie into an existing, unused gas pipeline located near the ADE
license in order to commercialize its natural gas production. It will give BMB
access to the regional gas pipeline network and to the regional gas market. This
market, including the City of Aktau, and local industries are experiencing a
shortage of natural gas and BMB believes that there will be good demand for gas
from BMB's ADE Fields.
On August 18, 2003, InterUnion announced that it entered into a non-binding
Letter of Intent (the "LOI") with BMB Holding, Inc. ("BMB"), for the proposed
acquisition by InterUnion of all of the outstanding shares of BMB, which
indirectly holds a 70% interest in the Aksaz, Dolinnoe and Emir oil fields in
Kazakhstan (the "Acquisition"). The terms of the Acquisition provide that
InterUnion will issue to the shareholders of BMB 148,571,429 (revised from
142,857,143 announced on August 18, 2003) Common Shares. InterUnion and BMB
expect that the Closing of the Acquisition and the previously announced
financing will occur next month. The proposed Acquisition is subject to certain
conditions, including due diligence, the execution of a definitive agreement and
other necessary approvals.
BMB
BMB Holding, Inc. is a Delaware corporation, with offices in New York and
Almaty, Kazakhstan, which is engaged in the development, exploitation,
production and exploration of crude oil and natural gas. The Company's
operations are primarily focused onshore in the hydrocarbon rich Caspian Sea
region of the Republic of Kazakhstan. Emir Oil is a limited liability
corporation organized under the laws of Kazakhstan. Emir Oil's principal asset
is its licence for the ADE Fields - Aksaz, Dolinnoe and Emir - located onshore,
45 kilometres northeast of the Caspian Sea port city of Aktau, in the Mangistau
oblast of western Kazakhstan. The ADE hydrocarbon reserves have been evaluated
by PGS Reservoir Consultants of Oslo, Norway. PGS estimates recoverable reserves
in the three fields at 145 million barrels of oil and 400 billion cubic feet of
natural gas (expected case). Of this, reserves currently in the proved category
are estimated at 33 million barrels of oil and 100 billion cubic feet of natural
gas.
InterUnion
InterUnion Financial Corporation is a business bank specialized in providing
financial services.
Contacts: Georges Benarroch,
President and Chief Executive Officer,
InterUnion Financial Corporation
(561) 845-2849
www.interunion-financial.com
Alexandre Agaian
President and Chief Executive Officer, BMB Holdings, Inc.
(212) 534-4898
The information contained in this release includes forward-looking statements
that are subject to risks and uncertainties that could cause actual results to
differ materially.
Certain statements contained herein constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, performance or achievements
of the Company to be materially different from those expressed or implied.
Forward-looking statements involve risks and uncertainties, including but not
limited to, such risks as are described in the Company's annual report.
###
-2-
================================================================================
For Release Immediately
- -----------------------
INTERUNION CLOSES MERGER WITH BMB HOLDING, INC.
AND US$10,100,000 PRIVATE PLACEMENT
FOR KAZAKHSTAN OIL & GAS OPERATIONS
Palm Beach, Fl. November 26, 2003: InterUnion Financial Corporation
("InterUnion") (OTCBB: IUFN), announced today that it has acquired all the
shares of BMB Holding Inc. ("BMB"). The merger with BMB announced on August 18,
2003, was closed on November 25, 2003 and the US$10,100,000 Private Placement
closed today. Upon receiving certification from the State of Delaware,
InterUnion will change its name to BMB Munai Inc. ("BMB Munai") and consolidate
its common shares on the basis of 1 new share for 10 old shares resulting into
19,829,292 common shares outstanding.
BMB indirectly holds a 70% interest in the Aksaz, Dolinnoe and Emir Oil fields
("ADE fields") in Kazakhstan (the "Acquisition").
"After having been a business bank for close to ten years and having profitably
sold our two main assets: the investment management subsidiary, InterUnion Asset
Management to a United Kingdom based group, and the private equity subsidiary
Credifinance Capital Corp. of Palm Beach, Fl., to our major shareholder, we were
presented with a new business opportunity by Credifinance Securities Limited of
Toronto, Canada. Credifinance expertise in the Caspian Sea has been instrumental
for a number of success stories in the sector, hence our decision to partner and
finance an oil and gas company which is located in one of the most coveted areas
in the world," said Georges Benarroch, former President of InterUnion and
President of Credifinance, who continued, "it is the first time that such an
outstanding Kazakh group: acknowledged expertise, right pedigree, valuable
connections and proper credentials has decided to use the `western way' in
obtaining financing for a venture through a merger with a North American public
vehicle. The success of the financing speaks for itself: whereas most, if not
all new ventures in Kazakhstan had a slow start, it took only 4 months to
complete the merger and obtain funds from the most sophisticated international
institutions following the CIS market."
Alex Agaian, the new President and CEO of BMB Munai (formerly InterUnion)
declared: "Together with the other directors of BMB Munai, I look forward to a
successful venture. The next months will be extremely busy for us as we shall
take advantage of the evaluation reports we have received from PGS Reservoir
Consultants of Oslo, Norway and McDaniel & Associates of Calgary, Canada to
develop our reserves further. Our immediate plan is to conclude negotiation for
the purchase of the 30% interest in the ADE field that we do not own; finish
some time in January 2004 the 3D seismic work we have undertaken in October
2003, and be able to announce test production on the Dolinnoe # 1 and Emir #1
wells by the end of January 2004." Mr. Agaian continued: "Kazakhstan is a land
of opportunity not only for oil and gas companies but in all sectors as
investors and entrepreneurs can enjoy an environment beneficial for business".
BMB Munai Inc., (formerly InterUnion) is a Delaware corporation, with offices in
New York City and Almaty, Kazakhstan, which is engaged in the exploration,
development, exploitation and production of crude oil and natural gas. The
Company's operations are primarily focused onshore in the hydrocarbon rich
Caspian region in the Republic of Kazakhstan. Emir Oil LLC., a 70% subsidiary of
BMB, is a limited liability corporation organized under the laws of Kazakhstan.
Emir Oil principal asset is its license for the ADE Fields - Aksaz, Dolinnoe and
Emir - located 45 kilometers northeast of the Caspian Sea port city of Aktau, in
the Mangistau Oblast of western Kazakhstan.
The new directors of BMB Munai (formerly InterUnion) are (by alphabetical
order):
- Dr. Alexandre Agaian: since founding the very first commercial
bank in the USSR in 1988: the Innovation Bank of St Petersburg, Dr
Agaian, a resident of the U.S., has served as Chairman or
President of a number of banks and companies in Russia and the
U.S.A.
- Mr. Bakhytbek Baiseitov: after a successful career at the State
Bank of Kazakhstan and being the youngest Head of the Industrial
Department of the Kazakh Republican Office of the State Bank of
the USSR, Mr. Baiseitov founded Bank CenterCredit, the first
private (cooperative) bank in the USSR of which he is the
Chairman. Amongst a number of other positions held in the private
and public sectors, Mr. Baiseitov is also the President of the
Banking Association of Kazakhstan.
- Mr. Georges Benarroch: with 25 years experience in investment
banking, Mr. Benarroch has managed or controlled through holding
companies a number of private and public entities in Canada, the
US and Switzerland. Mr. Benarroch is the former President of
InterUnion Financial Corporation (now BMB Munai Inc.), former
Chairman of InterUnion Asset Management, a $1.5 billion asset
management corporation he has founded, former Chairman of
Credifinance Gestion S.A., a $4 billion advisory firm he has
founded. He is currently President of Credifinance Capital Corp.,
a private equity firm based in Florida and of Credifinance
Securities Limited, of Toronto, a specialized institutional
investment bank. Mr. Benarroch sits on the board of a number of
international corporations and charitable organizations.
- Mr. Boris Cherdabayev: with over 30 years experience in the
international petroleum industry, Mr. Cherdabayev has been on the
board of directors or been an executive officer for a number of
companies active in the Caspian Sea area: TCO TengizChevroil,
Kazakhoil (the national company), Uzenmunaygas, Kazakhoil-Emba,
KazakhstanCaspiShelf, Mangistau Munai Gas, Mangyshlakneft,
Karakadukmunai and a number of other corporations.
- Dr. Mirgali Kunayev: with over 20 years experience in the
petroleum industry, Dr. Kunayev serves as Chairman of AralParker,
a joint venture between Parker Drilling, a U.S. drilling services
company and AralNedra. Dr. Kunayev was President of
KazakhstanCaspiShelf, a state oil company. Dr Kunayev currently is
on the board of directors of Bank CenterCredit, several companies
operating on and off-shore the pre-Caspian basin and a number of
other public or private corporations in Kazakhstan and the U.S.A.
Contacts: Georges Benarroch,
(416) 955-0159
Alexandre Agaian
(212) 534-4898
The information contained in this release includes forward-looking statements
that are subject to risks and uncertainties that could cause actual results to
differ materially.
Certain statements contained herein constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, performance or achievements
of the Company to be materially different from those expressed or implied.
Forward-looking statements involve risks and uncertainties, including but not
limited to, such risks as are described in the Company's annual report.
-2-
================================END OF RELEASES=================================