Pinedale Energy Limited has entered into a non-binding letter of intent with Flavocure Biotech Inc. in respect of a proposed transaction pursuant to which Pinedale will acquire all of the issued and outstanding securities of Flavocure. As a condition of completing the Transaction and in order to dispose of Pinedale's oil and gas assets, Pinedale has agreed to implement a reorganization: Mr. Brad Windt has resigned as the President and Chief Executive Officer and a director of Pinedale. Mr. Claus Andrup has been appointed as a director and Interim Chief Executive Officer and Chief Financial Officer of Pinedale. It is intended that Mr. Andrup will oversee the implementation of the Transaction on behalf of Pinedale.