GUESS BETTER SAFE THAN SORRYGALENA PASSES ON BITUMEN OPPORTUNITY
Galena Capital Corp. has decided to suspend the proposed jointventure with Imperial Petroleum Inc. Galena management feels that Imperial'sinnovative bitumen technology is not sufficiently proven at this time to justifyinvestment by the company. Galena believes that it is best for the company andthe shareholders to defer a commitment until the technology meets certainexpectations. The clarifications provided by Imperial regarding Galena'sconcerns about the demonstration test made it clear to Galena management thatany commitments made by the company must be postponed until the process becomesmore established. The company feels its investors need clarity on thisopportunity so the decision today is not to continue down this road as thereremains to be more questions than answers.