ZURICH, Switzerland, November 12 /PRNewswire/ -- FINCON AG (Frankfurt Stock Exchange Ticker Symbol: 39f) announces that it has signed a "Binding Letter of Intent" to acquire 100% of CJSC Kievenergomash (KEM) from Ukraine Energy Acquisition Corp. (UEAC). KEM translates as: Kiev (the city), Energo (Energy) Mash (Machine) or "Kiev Energy Machine".

UEAC shareholders of record three days prior to the closing date for the acquisition will be offered 1 share of FINCON for every 3.406 shares of UEAC. The UEAC shares will remain intact.

Alexander Chugay, Chairman of KEM and Director of UEAC stated "We are pleased to become a wholly owned subsidiary of FINCON AG. As a publicly traded company on the Frankfurt Stock Exchange we will enjoy greater access to the European capital markets creating value and liquidity for our shareholders. We look forward to providing investors with updates regarding our strategy for building shareholder value in the weeks, months and years ahead and attracting new investors that are looking for a way to invest in growth companies with strong macro-economic drivers such as the rapid growth in infrastructure development and increasing energy demand and cost in Eastern Europe. We further believe that our focus on providing clean energy will appeal to European and international investors."

FINCON AG will issue 25,000,000 million shares of its common stock to shareholders of UEAC, which has 85,150,416 shares issued and outstanding. The ratio is 1 share of FINCON AG for every 3.406 shares of UEAC.

Approval of the transaction by the holders of a majority of the outstanding shares of UEAC and satisfactory due diligence by UEAC and FINCON are some of the conditions precedent to closing. Shareholders of record will receive a written notice with a Resolution for approval.

About KEM: A UEAC wholly owned subsidiary, KEM is a profitable Ukrainian company with over 13 years in operations, investments and activities in several energy related industries including but not limited to: thermal generation, commercial, residential, industrial and infrastructure electrical systems and services, heating, natural gas pipeline support and services construction. KEM is now diversifying into electricity infrastructure transmission and clean energy generation.

For more information please visit our website at http://www.kem.com.ua.

Forward-Looking Statements

Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to successfully integrate KEM with the operations of FINCON, the Company's current and future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, and other risks. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.

Contact Investor Relations Phone: +1-310-929-5975 Phone: +380-67-691-3723 ejk@galileoam.com.

Contact Investor Relations: Phone: +1-310-929-5975, Phone: +380-67-691-3723, ejk@galileoam.com