Calgary, Alberta – February 22, 2005 - Yoho Resources Inc. ("Yoho" or the "Company") announces that it has filed its audited financial statements and related Management Discussion & Analysis for the year ended September 30, 2004 on www.sedar.com.
Yoho also announces that Ms. Sharon Macleod has resigned as a director of the Company and Mr. Terry Svarich has been appointed a director to fill the resulting vacancy. Ms. Macleod had previously resigned as the President of the Company upon the appointment of Mr. Brian McLachlan to that position. Yoho would like to thank Ms. Macleod for her service to the Company. The Board of Directors has also appointed Mr. Peter Kurceba as a special advisor to the Board, pending the next annual meeting of shareholders of the Company, at which point Mr. Kurceba will be put forth as a nominee for election as a director.
Yoho would also like to announce that it has completed a private placement financing of 405,273 non-voting common shares and 1,675,000 voting common shares, at the price of $2.00 per share, for aggregate proceeds of $4,160,546. These shares are subject to a 4 month hold period expiring on June 1, 2005. Further, Yoho has also completed the acquisition of approximately 18,080 gross (9,040 net) acres of undeveloped oil and natural gas properties and related seismic assets, in three separate transactions. The aggregate purchase price for these properties was $1,485,000 and was paid as to $485,000 in cash and the issuance of 500,000 voting common shares at the price of $2.00 per share. The shares issued to the property vendors are subject to a 4 month hold period expiring on June 19, 2005.
About Yoho Resources Inc.
Yoho Resources Inc. (formerly known as VoiceIQ Inc.) is an emerging oil and gas company. Trading of the Company’s shares was halted on the TSXV at the time of the Company's reorganization into an oil and gas issuer which halt remains in place pending the Company recruiting the balance of its management team and meeting the other listing conditions of the TSXV. The Company continues to work towards finalizing its management team and will release further information in this regard as soon as it is available.
For more information please contact:
Brian A. McLachlan
President and CEO
Yoho Resources Inc.
Phone: (403) 218-3390
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements regarding Yoho Resources Inc. include management’s assessments of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Yoho's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.
Such factors include, but are not limited to: the impact of general economic conditions in Canada and the United States; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; competition; the lack of availability of qualified personnel; fluctuations in commodity prices; the results of exploration and development drilling and related activities; imprecision in reserve estimates; the production and growth potential of Yoho's various assets; fluctuations in foreign exchange or interest rates; the ability to access sufficient capital from internal and external sources; and obtaining required approvals of regulatory authorities.
Accordingly, Yoho gives no assurance nor makes any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward looking statements. Yoho undertakes no obligation to publicly update or revise any forward-looking statements.