TORONTO, ONTARIO--(Marketwire - April 14, 2008) - Pocono Capital Inc. ("Pocono") (TSX VENTURE:ONO.P) announces that on April 14, 2008 it signed a Letter of Intent (the "Letter of Intent") with Rykala Resources Inc. ("RYKALA"), an arm's length party, for the potential acquisition of all the issued and outstanding securities of RYKALA by way of share exchange or via such other structure as deemed desirable by the parties (the "Acquisition") subject to regulatory approval. The Acquisition is expected to constitute the "Qualifying Transaction" ("QT") of Pocono as defined by TSX Venture Exchange policies.
About Rykala Resources Inc.
RYKALA is a Canadian private company focused on mineral exploration in the Timmins mining district in Northern Ontario with recommended work programs on 2 nickel properties, the Warren Whiteside property and the Byers property. In addition, RYKALA is targeting additional exploration activities on 2 other properties.
Management
The current members of the management of RYKALA and their brief biographies are as follows:
Stephen Dunn, President, CEO and Director. Mr. Dunn has over 30 years experience in the investment industry having worked with a large Canadian insurance company, a Canadian Schedule A bank, and 2 different Canadian investment dealers. He has extensive experience in the capital markets and has been a director of 2 different resource companies. Mr. Dunn earned his BA and his MBA from the University of Western Ontario.
Frank Smeenk, CFO and Director. Mr. Smeenk is currently CEO of Fletcher Nickel and President and Director of KWG Resources, and has worked in the resource industry since 1987 as an officer and a director of numerous public companies. He earned his BA and LLB from the University of Western Ontario and was admitted to the Law Society of Upper Canada in 1976.
Donald A. Sheldon, Secretary and Director. Mr. Sheldon is a mining securities lawyer with Sheldon Huxtable and has been practicing corporate and commercial law for over 30 years. He is also President and Director of MetalCORP Limited and is a director and/or officer of several other public corporations on Canadian Exchanges. Mr. Sheldon has a B.A.Sc, M.A.Sc, LL.B, and P.Eng., and is licensed to practice law in Ontario and Alberta.
A more comprehensive news release describing the details of the transaction and made in accordance with the requirements of Policy 2.4 of the TSXV will be forthcoming.
Trading of Pocono's shares will remain halted pending completion or termination of the QT.
Completion of the QT is subject to a number of conditions, including but not limited to, approval of the QT by the shareholders of RYKALA, a satisfactory due diligence investigation, regulatory approvals, the completion of a definitive share exchange agreement and the completion of a concurrent financing. Also, no adverse change in the affairs of RYKALA must occur until the closing of the proposed QT. The QT cannot close until the required regulatory approvals are obtained and the concurrent financing is completed. There can be no assurance that the QT will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the disclosure documentation to be prepared in connection with the concurrent financing, any information released or received with respect to the QT may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pocono Capital Inc.
Mr. Robert Hashimoto
President
(416) 709-9930
Rykala Resources Inc.
Mr. Stephen Dunn
President and CEO
(416) 822-3343
Pope & Company Limited
Mr. James Doyle
Investment Banking
(416) 593-5546
