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Jericho Energy Ventures Streamlines Portfolio to Focus on Core Operating Assets
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Jericho Energy Ventures Streamlines Portfolio to Focus on Core Operating Assets
PHILADELPHIA, PA AND VANCOUVER, BC / ACCESS Newswire / March 10, 2025 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") announces the sale of its minority stake in Supercritical Solutions as part of its strategy to sharpen focus on its core operating assets and drive shareholder value.
The transaction is valued at approximately US$1.8 million, with 60% of the funds already received. The buyer has up to 60 days to complete the purchase of the remaining 40% balance.
Brian Williamson, CEO of Jericho, stated, "In 2025, our goal is to streamline our portfolio and concentrate on our core operating assets, where we can drive development and success. We have immense respect for the Supercritical Solutions team and their technology, and we look forward to it becoming a key supply option for our Hydrogen Technologies' boiler customers in the future."
Jericho also announces that it has granted 3,400,000 incentive stock options (the "Options"), pursuant to its stock option plan (the "Plan"), to certain directors and officers of the Company. The Options are exercisable at a price of C$0.20 for a period of up to 5 years.
Digital Marketing Services Agreement
Additionally, JEV announces that it has entered into a digital marketing services agreement with Senergy Communications Capital Inc., for an initial two-month period, expected to commence on April 1, 2025. Under the agreement, Senergy will provide a comprehensive suite of services, including digital advertising, media program management, social media marketing and shareholder communications. The agreement may be extended upon mutual written consent. In consideration of its services, the Company will pay Senergy a fee of up to C$100,000 plus GST in installments over the term of agreement. To the Company's knowledge, Senergy and its principal, have no direct or indirect interest in JEV and have no intention or right to acquire such an interest. The engagement is subject to TSX Venture Exchange approval. Senergy is a British Columbia based company headed by Aleem Fidai who is operating at arm's length from the Company.
About Jericho Energy Ventures
Jericho is an energy company positioned for the current energy transitions; owning, operating and developing both traditional hydrocarbon JV assets and advancing the low-carbon energy transition, with active investments in hydrogen. Our wholly owned subsidiary, Hydrogen Technologies, delivers breakthrough, patented, zero-emission boiler technology to the Commercial & Industrial heat and steam industry. We also hold a strategic investment and board position in California Catalysts (formerly H2U Technologies), a leading developer of advanced materials for electrolysis. Jericho also owns and operates long-held producing oil and gas JV assets in Oklahoma which it is currently developing from cash flows in an effort to further increase production.
Website: www.jerichoenergyventures.com
X: https://x.com/JerichoEV
LinkedIn: www.linkedin.com/company/jericho-energy-ventures
YouTube: www.youtube.com/c/JerichoEnergyVentures
CONTACT:
Adam Rabiner, Investor Relations
Jericho Energy Ventures Inc.
Tel. 604.343.4534
Email: [email protected]
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Jericho's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Jericho's control. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or "may not" occur. Specifically, this news release contains forward-looking statements relating to, among others, the successful completion of the transfer of funds for the sale agreement of Jericho's minority stake in Supercritical Solutions.
Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include, but are not limited to: regulatory changes; changes to the definition of, or interpretation of, foreign private issuer status; the impacts of COVID-19 and other infectious diseases; general economic conditions; industry conditions; current and future commodity prices and price volatility; significant and ongoing stock market volatility; currency and interest rate fluctuation; governmental regulation of the energy industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities and risks inherent in oil and gas exploration, development and production operations; liabilities and risks inherent in early stage hydrogen technology projects, energy storage, carbon capture and new energy systems; changes in government environmental objectives or plans; and the other factors described in Jericho's public filings available at www.sedarplus.ca.
The forward-looking statements contained herein are based on certain key expectations and assumptions of Jericho concerning anticipated financial performance, business prospects, strategies, regulatory regimes, the sufficiency of budgeted capital expenditures in carrying out planned activities, the ability to obtain financing on acceptable terms, expansion of consumer adoption of the Company's (or its subsidiaries') technologies and products, results of DCC™ feasibility studies and the success of investments, all of which are subject to change based on market conditions, potential timing delays and other risk factors. Although Jericho believes that these assumptions and the expectations are reasonable based on information currently available to management, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors should not place undue reliance on forward-looking statements.
Readers are cautioned that the foregoing lists are not exhaustive. The forward-looking statements contained in this news release are made as of the date of this news release, and Jericho does not undertake to update any forward-looking statements that are contained or referenced herein, except as required by applicable securities laws.
Neither the 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.
SOURCE: Jericho Energy Ventures Inc.
View the original press release on ACCESS Newswire
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