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BUSINESS PRODUCTS & SERVICES | Consulting & Outsourcing / Research, Engineering & Technical

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Stage

Corporate Majority | Acquired

About Visionaire Energy

Visionaire Energy is a privately held Norwegian company with principal assets in two separate, privately owned, offshore oil and gas service providers both based in Bergen, Norway. VTT (www.vtt.no) provides engineering, consultancy, subsea and operational services to the global offshore energy industry and is established as a well-respected contractor for North Sea offshore heavy lifting operations; anchoring and removal of drilling rigs; installation of subsea equipment, foundations, and anchoring systems; vessel inspections and testing; and project management. RADA (www.rada.no) provides technical and project management manpower services to the offshore oil and gas industry and its employees possess strong engineering, geoscience and other professional skills. RADA employees are contracted out to oil and gas operators to work as consultants on specific projects or to clients requiring short or long-term manpower.

Visionaire Energy Headquarter Location

Begen,

Norway

Latest Visionaire Energy News

Continental To Sell Stake in Norwegian Affiliate

Sep 16, 2014

Continental To Sell Stake in Norwegian Affiliate VANCOUVER, British Columbia, Sept. 16, 2014 /PRNewswire/ -- Continental Energy Corporation (OTCQB: CPPXF) (the "Company") an emerging international energy investment company, today announced that it has reached an agreement for the sale of its 51% shareholding stake in Visionaire Energy AS ("VEN") to Visionaire Invest AS ("Visionaire") of Horton, Norway, for consideration of US$ 1,200,000. VEN is a holding company which owns a 49% equity interest in VTT Maritime AS (25% net to the Company) and a 41% equity interest in RADA Engineering and Consulting AS (21% net to the Company). Both are privately owned, offshore oil and gas service providers based in Bergen, Norway. Greater than projected operating losses from VEN and its partially owned subsidiaries plus the requirement for additional capital investment in VEN and in its subsidiaries led to the Company's decision to sell. The Company originally acquired the 51% stake in VEN from Visionaire in June 2013 in an arms-length, non-cash share-swap transaction. The Company issued 20 million of its common shares at a deemed value of $1,000,000 at $0.05 per share to Visionaire in exchange for 51% of the shares of VEN. Visionaire will pay the Company US$ 200,000 cash and transfer the 20 million common shares back to the Company at closing. Closing of the sale is subject to and conditional upon the approval of Visionaire's shareholders and the Company's shareholders which shall be sought at the Company's upcoming Annual General Meeting in November 2014. Also as part of the sale agreement and all effective immediately, the Company's Chief Executive Officer and the Chief Financial Officer resigned from VEN's board of directors and Johnny Christiansen, the Chief Executive Officer of Visionaire resigned from the Company's board of directors. On behalf of the Company, Robert V. Rudman, C.A. Further Info:          Continental Energy Corporation - www.continentalenergy.com No securities regulatory authority has either approved or disapproved the contents of this news release. Forward Looking Statements  -Any statements in this news release that are not historical or factual at the date of this release are forward looking statements. Forward looking statements in this press release include Visionaire paying the purchase price at closing and the closing of the sale subject to the approval of the Company's shareholders. There are many factors which may cause actual performance and results to be substantially different from any plans or objectives described in any forward looking statements including, without limitation, Visionaire paying the purchase price as disclosed or at all and the Company obtaining the requisite approval from its shareholders. Readers should also refer to the risk disclosures outlined in the Company's regulatory disclosure documents filed the Company with the Securities and Exchange Commission available at www.sec.gov . The Company assumes no obligation to update the information in this release. SOURCE Continental Energy Corporation

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Visionaire Energy Patents

Visionaire Energy has filed 1 patent.

patents chart

Application Date

Grant Date

Title

Related Topics

Status

11/4/2003

5/25/2010

DVD, Rotating disc computer storage media, Compact disc, Video game distribution, Container formats

Grant

Application Date

11/4/2003

Grant Date

5/25/2010

Title

Related Topics

DVD, Rotating disc computer storage media, Compact disc, Video game distribution, Container formats

Status

Grant

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