Insight Acquisition Corp. and Avila Energy Corporation announce they have mutually agreed to terminate their Business Combination Agreement
12 August 2023 - 6:15AM
Insight Acquisition Corp. (NASDAQ: INAQ) and Avila Energy
Corporation (CSE:VIK, OTCM:PTRVF and FRA:6HG0), announced today
that on August 10, 2023, they mutually agreed to terminate,
effective immediately, their previously announced Business
Combination Agreement by and among Insight Acquisition Corp.
(“Insight Acquisition”), Avila Amalco Sub Inc. and Avila Energy
Corporation (“Avila”), dated as of April 3, 2023 (the “BC
Agreement”). As part of the termination of the BC Agreement, Avila
has agreed to pay Insight US$300,000 as partial reimbursement of
its costs relating to the BC Agreement prior to April 1, 2024.
“Due primarily to the changes that have occurred in the SPAC
market and the difficulties in arranging financing, Avila and
Insight have determined that now is not the right time for Avila to
list on NASDAQ. We look forward to continuing our business
relationship with Insight’s management team,” said Leonard van
Betuw, the CEO of Avila.
“While Insight has agreed to terminate the BC Agreement with
Avila, the Insight management team intends to maintain its
professional relationship with Avila and monitor their progress,”
said Michael Singer, Executive Chairman of Insight Acquisition.
About Insight Acquisition Corp.
Insight Acquisition Corp. is a special purpose acquisition
company formed solely to effect a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization, or similar
business combination with one or more businesses. Insight
Acquisition Corp. is sponsored by Insight Acquisition Sponsor LLC.
For additional information, please
visit insightacqcorp.com.
About Avila Energy Corporation
Avila is an emerging CSE listed corporation trading under the
symbol (‘VIK'), and in combination with an expanding portfolio of
100% Owned and Operated oil and natural gas production, pipelines
and facilities is a licensed producer, explorer, and developer of
Energy in Canada. Avila’s long-term vision is to achieve through
the implementation of a closed system of carbon capture and
sequestration, an established path towards the material reduction
of Tier 1, Tier 2 and Tier 3 emissions and continues to work
towards becoming a vertically Integrated Carbon Neutral Energy
Producer. Avila’s goals are to be achieved by focusing on the
application of proven geological, geophysical, engineering, and
production techniques in combination and the direct sale of energy
to both residential and commercial consumers.
Forward-Looking Statements
This release contains certain statements that may be deemed
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical fact, that address activities, events or
developments that we or our management intends, expects, projects,
believes or anticipates will or may occur in the future are
forward-looking statements. Such statements are based upon certain
assumptions and assessments made by our management in light of
their experience and their perception of historical trends, current
economic and industry conditions, expected future developments and
other factors they believe to be appropriate. The forward-looking
statements included in this release are also subject to a number of
material risks and uncertainties, including but not limited to
economic, competitive, governmental, and technological factors
affecting our operations, markets, products, services and prices.
Such forward-looking statements are not guarantees of future
performance, and actual results, developments and business
decisions may differ from those envisaged by such forward-looking
statements. We identify the principal risks and uncertainties that
affect our performance in our 2022 Annual Report on Form 10-K and
other filings with the Securities and Exchange Commission.
Contacts
Insight Acquisition
Corp.Gateway GroupCody Slach and Georg Venturatos
949-574-3860INAQ@gatewayir.com
Avila Energy CorporationRonnie
Shporer, Investor Relations, North America orPeter Nesveda,
Investor Relations, International orLeonard B. Van Betuw, President
& CEO
Emails:Ronnie Shporer:
ron.s@avilaenergy.comPeter Nesveda:
peter@intuitiveaustralia.com.auLeonard B. Van Betuw:
leonard.v@avilaenergy.com
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