Avalon Board of Directors Approves Exclusive License Agreement.

Business Wire | August 30, 2007 | Copyright

MINNEAPOLIS -- Avalon Oil & Gas, Inc. (Avalon) (OTCBB:AOGN) announced today that on August 17, 2007 it entered into an Exclusive License Agreement with Oiltek, Inc. (Oiltek), a majority owned subsidiary, and also announced that it plans to spin-off the shares it owns in Oiltek to Avalon's shareholders on a date to be determined by Avalon's Board of Directors.

The terms and conditions of the Exclusive License Agreement provide for Avalon to receive approximately eighty percent (80%) or ten million (10,000,000) shares of the Common Stock in Oiltek, in exchange for ...

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