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Adira Energy Announces The Appointment Of Former CEO Of Israel Electric Corporation As Co-Chair

EXTENSION OF DRILL CONTRACT AND ENVIRONMENT SURVEY SUBMISSION DATES ON ITS YITZHAK LICENSE GRANTED

TORONTO, Aug. 24, 2012 /CNW/ - ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) ( FRANKFURT: AORLB8).

The Board of Adira Energy Ltd. (" Adira" or the " Company") is pleased to announce the appointment of Mr. Amos Lasker as Co-Chair of the Board of Directors, effective immediately.

Mr. Lasker previously held positions of President and CEO of Israel Electric Corporation, the State of Israel's national electricity generation, transmission and distribution company.

Dennis Bennie, Adira's current Chairman stated : " We are honoured to welcome Amos as Co-Chair of the Board of Adira Energy. Mr Lasker brings a wealth of talent and Israeli experience to our Canadian listed company. We are fortunate to have the benefit of his insight and guidance as we progress towards drilling and producing oil and gas in Israel."   

About Mr. Amos Lasker

Mr. Lasker has more than 25 years' experience in founding and managing Israeli and international manufacturing, infrastructure, and communications companies. Most recently, he was the President & CEO of Israel Electric Corporation ("IEC") (2008-2011). The IEC is the integrated electric utility in Israel and generates, transmits and distributes substantially all the electricity used in the State of Israel. The Company is one of the largest industrial companies in Israel with annual total revenues in excess of U.S $5.5 billion and total assets of U.S. $22.3 billion.

Mr. Lasker also served as CEO of the Med Group between 1996 and 2005. The Med Group has built four international and national communications networks. From 2006-2007, Mr. Lasker was CEO of Gilat Satcom, (traded on the AIM Stock Exchange), an international service provider of Broadband Internet, Data and Voice Services over Satellite in three continents.

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