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Mr. Conn reports

posted on Jan 15, 2008 05:49PM
Echo Energy Canada Inc. “--- NOTES TO CONSOLIDATED FINANCIAL STATEMENTSFor the nine months ended September 30, 2007 ------6. INVESTMENT IN ONTEX RESOURCES LIMITEDOn March 16, 2006, the Company acquired 4,509,833 common shares of Ontex Resources Limited (“Ontex”) at a price of $0.18 per share pursuant to a debt to shares conversion agreement under which Ontex settled a $811,770 debt owed to the Company. The debt comprised a number of cash advances made by the Company to Ontex. In October 2006, the Company participated in a rights offering to acquire a further 1,127,458 shares at a price of $0.10 per share for $112,746 tomaintain its proportionate interest.  In December 2006, the Company sold 1,647,058 shares at a price of $0.17 per share

for $280,000 to an arms length purchaser resulting in a gain of $9,882.

 

In January 2007, the Company sold an additional 620,000 shares at a price of $0.17 per share for $105,400 resulting in a gain of $9,384.

 In August 2007, the Company sold 905,000 shares at a price of $0.20 per share for $181,000 resulting in a gain of $40,847. ---Echo Energy Canada Inc. Gary Conn, President and Chief Executive Officer” NOTE:Echo Energy held 5,637,291 shares of Ontex on Oct. 2006.Echo Energy sold 3,172,058 Ontex shares between Dec. 2006 and Aug. 2007.As of Sept. 2007, Echo held 2,465,233 Ontex shares. Gary Conn, is also President and Chief Executive Officer Ontex Resources Limited: (519) 455-8127 Mr. Conn should fully explain these transactions to be transparent with shareholders.
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