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Energy Developments Announces Revised Archer Capital Proposal
Thursday July 2, 2009, 7:12 pm

Original Announcement: ENE Archer Capital Proposal Revised Indicative Price

Energy Developments announced that following preliminary discussions in relation to a non-binding, conditional and incomplete proposal to acquire 100% of the company by Archer Capital, the company advised that Archer Capital has revised its indicative price to $2.80 per share for 100% of the company. The revised proposal remains subject to an extensive list of conditions, including key matters such as third party debt and equity funding, detailed due diligence and certain other requirements. The company has now invited Archer into a period of due diligence which is expected to be staged over the next 2-3 months.

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