Novadx Hires Gale Capital for Investor Relations and Appoints New Director
(Vancouver, BC, October15, 2010) Novadx Ventures Corp. (“Novadx” or the “Company”) – (TSX-V: NDX) is pleased to announce the engagement of Gale Capital Corp (“Gale Capital”), to assist with the Company’s investor relations efforts. The Company also announces that Dennis Molnar has joined the Company’s board of directors.
Gale Capital is a Vancouver-based, comprehensive provider of corporate finance and investor relations services, and will assist the Company in fostering productive, continuing dialogues with analysts, brokers, investors and other financial professionals.
The agreement is for an initial term of three months and thereafter on a month to month basis with a 30 day termination provision. Gale Capital will be compensated $8,000 per month and will be granted 600,000 stock options of the Company, exercisable at 18 cents per share for 12 months from date of issue. One quarter of the options (150,000) will vest upon TSX Venture Exchange approval of the agreement and the balance of the options will vest at the rate of one quarter (150,000) every three months thereafter while the agreement remains in effect. In the event of termination of the agreement, any unvested options will be cancelled. The agreement is subject to the approval of the TSX Venture Exchange.
Other than the 600,000 stock options granted under the terms of the agreement, Gale Capital does not beneficially own or control any securities of Novadx Ventures Corp.
Mr. Molnar has an Engineering degree from UBC and an MBA from the University of Western Ontario. He has previously worked as an Employee and Director of MacDonald Dettwiler and Associates and, at Argus Technologies Ltd where he held a variety of roles including President and Director. Under his management, Argus Technologies grew from $2.5 million to $144 million in revenue and with over 300 employees. Mr. Molnar has served a variety of organizations, including; Capilano University (President's Advisory Council), St. George's School Foundation (Trustee) and the National Maritime Centre of the Pacific (Director). Mr. Molnar’s technical, business and financial experience will be invaluable to the Company going forward.
The Company also announces that Sargent Berner has resigned from the board. The Company wishes to thank Mr. Berner for his past services and wishes him all the best in his future endeavours.
About Novadx: Novadx is a Vancouver-based Investment Company whose primary focus is on providing merchant banking services to natural resource companies. Novadx structures and makes direct equity investments as a principal and provides management and other related services to companies in specific resource sectors, such as MCoal Corporation, a subsidiary company that has commenced production from the Rosa mine a metallurgical coal mine in the State of Alabama, USA. For more information please visit www.novadx.com.
About MCoal: MCoal Corporation is a wholly-owned subsidiary of Novadx Ventures Corp. and operates the Rosa Coal Mine. The Rosa Mine is a metallurgical coal mine located in Northern Alabama, approximately 40 miles north of the City of Birmingham. In addition to operating the Rosa Mine, MCoal is actively evaluating a number of high quality coal acquisition opportunities in the Appalachian coal region to increase its reserves and production.
ON BEHALF OF THE BOARD
Neil MacDonald
President and CEO and Director
For more information about Novadx Ventures Corp. please contact:
Neil MacDonald
(604) 633-2776 ext 23
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the qualification under the securities laws of such jurisdiction.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward-looking statements, including without limitation those relating to the company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.