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2M Energy Corporation
Press Release
MIDDLEFIELD BANCORP LIMITED ("MBN") is pleased to announce that it has amalgamated with its wholly-owned subsidiary, 2M Energy Corp. ("2M"), effective October 12, 2011. The amalgamation was implemented to reduce general and administrative costs.
In addition, MBN is conducting a strategic review of its entire business in order to seek to further reduce costs and maximize shareholder value. The outcome of this process is expected to be presented to shareholders for approval, if necessary, at the upcoming Annual General Meeting scheduled for March 6, 2012 (the "AGM").
As a first step toward further cost reduction, MBN will become an investment fund governed by National Instrument 81-106 effective on or about November 1, 2011. Cost savings will result for several reasons, including MBN's not having to adopt the IFRS accounting regime until such time as investment funds are required to do so. In addition, further cost savings will result from using Middlefield's existing Independent Review Committee for conflict matters under National Instrument 81-107 in place of MBN's current board of directors.
Becoming an investment fund is a natural evolution of MBN's business, since MBN is currently primarily engaged in the business of investing in equity and equity-related securities. This change is not expected to constrain the strategic alternatives under consideration for presentation to shareholders at the AGM.
MBN trades on the Toronto Stock Exchange under the symbol "MBN".
For further information visit our website at www.middlefield.com or contact:
W. Garth Jestley
President and Chief Executive Officer
(416) 847-5346
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