SAN FRANCISCO, Dec. 21, 2011 /PRNewswire/ -- Merriman Capital, Inc., a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX: MERR), today announced that it will serve as the Principal American Liaison (PAL) for International Petroleum Limited (OTCQX: ITPLY; NSX: IOP) as its American Depositary Receipts (ADRs) begin trading on OTCQX®.
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International Petroleum is an oil and gas exploration company with assets in Russia and Kazakhstan. The Company announced today that its ADRs, each representing 20 ordinary shares, are now trading on the OTC market's highest tier, OTCQX.
OTCQX distinguishes the best companies traded over-the-counter (OTC) from more than 9,000 securities traded on the OTCBB and OTC Link that are not required to meet any financial standards or undergo a qualitative review.
Spencer Grimes, Head of Capital Markets Services at Merriman Capital, stated: "We are excited to partner with International Petroleum as the Company starts trading on OTCQX. This is a clear demonstration of their commitment to overseas investors, and we look forward to helping them increase their exposure and shareholder base in the United States."
Chris Hopkinson, International Petroleum CEO, said: "Given the time difference between North America and Australia, joining OTCQX will make it easier for U.S. investors to trade the Company's securities and, thereby, providing the ability for the Company to diversify its shareholder base and enhance the liquidity of its shares."
About Merriman Capital, Inc.
Merriman Capital, Inc. is an investment banking firm providing equity and options execution services, market making, and differentiated research for high growth companies. We also provide capital raising, advisory, and M&A services. Merriman Capital, Inc. is a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX: MERR) and is the leading investment banking firm for OTCQX companies. For more information, please go to http://www.merrimanco.com/.
Merriman Capital, Inc. is a registered broker-dealer and member of The Financial Industry Regulatory Authority (FINRA) http://www.finra.org/ and the Securities Investor Protection Corporation (SIPC) http://www.sipc.org/contact.cfm.
About International Petroleum Limited
International Petroleum Limited (OTCQX: ITPLY; NSX: IOP) is an oil and gas exploration company.
The Company owns a 75% equity interest in the exploration rights to four blocks, covering a total area of 1,467 km(2), located in the Khanty-Mansiysk Autonomous Region in Western Siberia, the largest oil-producing region of Russia in Western Siberia (the "Krasnoleninsky Project"). During 2011, the Company drilled two exploration wells in the Krasnoleninsky Project and discovered commercial quantities of oil in both wells.
In August 2011, the Company signed a Share Purchase Agreement to acquire 100% of the shares in Vamaro Investments Limited ("Vamaro") with its current shareholder. Vamaro owns two licences for geological study of subsoil, prospecting and extraction of oil and gas in the Khanty-Mansiysk Autonomous Region in Western Siberia (the "Vamarov Project").
The Company also owns a 50% interest in an early stage project covering 24,649 km(2) in eastern and south eastern Kazakhstan ("Kazakhstan Project"), which borders the western boundary of the People's Republic of China. International Petroleum's subsidiary company, North Caspian Petroleum Limited, has exclusive exploration rights to the Kazakhstan Project until November 2012.
Whilst the Company is focused on exploration at its projects in Russia and Kazakhstan, it continues to evaluate other projects for potential acquisition.
About OTCQX
The OTCQX marketplace is the premier tier of the U.S. OTC market. Investor-focused companies use the quality-controlled OTCQX platform to offer investors transparent trading, superior information, and easy access through their regulated U.S. broker-dealers. The innovative OTCQX platform offers companies and their shareholders a level of marketplace services formerly available only on a U.S. stock exchange. For more information and to view a full list of OTCQX companies, visit www.otcqx.com.
Note to Investors
This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of the Company. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K/A filed on April 28, 2011 and our Form 10-Q filed on November14, 2011. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. The Form 10-K/A filed on April 28, 2011and 10-Q filed on November 14, 2011, together with this press release and the financial information contained herein, are available on our website, www.merrimanco.com. Please click on "Investor Relations."
SOURCE Merriman Holdings, Inc.
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