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VANCOUVER, British Columbia, Jan. 17, 2013 (GLOBE NEWSWIRE) -- Olie, Inc. (OTCQB:OLIED) announces that Avraham Morgenstern and Itai Freed have resigned as officers and directors for Olie, Inc. and Robert Gardner, Q.C. has been elected as the sole director and appointed the sole officer of Olie.
Mr. Gardner is the principal of the law firm, Gardner & Associates, of Vancouver, British Columbia. He is called to the Bar Society in England and Wales, and admitted to the Law Society of British Columbia, Canada. Mr. Gardner was appointed a Queen's Counsel in 1988. Since January 1998 Mr. Gardner has served as a member of the board of directors for at least 15 different companies whose securities were traded in various public markets. As a result of Mr. Gardner's educational background, significant experience and career as a lawyer and extensive experience with publicly traded companies, Olie's former principals concluded that he should serve as a director of Olie. Neither Mr. Morgenstern nor Mr. Freed had any disagreement with Olie at the time of their resignations.
Olie also announces that an agreement has been executed between an investment group led by Robert Gardner (the "Gardner Group") and EnCanSol Capital Corporation of Vancouver, British Columbia which relates to the acquisition of EnCanSol by Olie and potential funding for Olie.
EnCanSol develops and manufactures economical and environmentally responsible rechargeable battery products. Olie understands that EnCanSol is the owner of the technology for "Flat Plate RAMCells" for which it owns or controls approximately 25 patents worldwide. EnCanSol is a privately held company which Olie has been advised has 33,632,914 common shares issued and outstanding (including 4,000,000 shares issued following the acquisition last week of certain assets from Pure Energy Solutions, Inc., a private Delaware corporation based in Boulder, Colorado). The agreement provides that a share exchange will occur between the EnCanSol shareholders and Olie whereby they will receive two shares of common stock of Olie for each EnCanSol share held by an EnCanSol shareholder.