19 April 2004 11:22
Praxis appoints Ukraine and Russia business development specialist to advisory board
VANCOUVER/CALGARY, April 19 /PRNewswire-FirstCall/ -- Praxis Pharmaceuticals Inc. (PRXX: OTCBB, PQG: Berlin Bremen
Stock Exchange) through its wholly-owned subsidiary Patch Energy Inc. is pleased to announce that Mr. Yuri Starodubsky
has been appointed the Director of Business Development for Ukraine and Russia.
Mr. Starodubsky grew up in Ukraine when the country was part of the former Soviet Republic. He is fluent in English,
Russian and Ukrainian. Mr. Starodubsky is an international businessman with very strong political and business contacts
in both Ukraine and Russia. He currently has offices in Chicago, USA and Kiev, Ukraine.
During the past six months Mr. Starodubsky has been instrumental in helping Patch Energy Inc. attempt to acquire
substantial oil and gas interests in Ukraine. Current project negotiations with Ukraine have moved to the highest
government levels possible. Mr. Starodubsky will provide crucial assistance in finalizing a potential deal and in
helping to bring the project to development and commercial production.
Commenting on the appointment, President David Stadnyk said:
"Given the advanced status of high level political negotiations we are extremely pleased to have Mr. Starodubsky
with us in an official capacity. He brings with him key business and political connections which are essential in
dealing in Ukraine and Russia. He will be a strong addition to our team and we have no doubt that his appointment will
play a fundamental role in advancing our company's prospects."
ABOUT PATCH ENERGY
Patch Energy was a private corporation acquired by publicly traded Praxis Pharmaceuticals (PRXX: OTCBB) early this
year. Patch continues to trade under the Praxis symbol and has applied for a new trading symbol expected within the next
few weeks. It is also listed on the Berlin Bremen Stock Exchange and trades under the symbol PQG. Quotes can be accessed
by going to http://www.berlinerboerse.de/ and typing in the symbol.
Besides its activity in Saskatchewan, and the East Corning area in Northern California, the company is in the final
stages of negotiations with the Ukraine government to participate in several significant energy projects. The company is
also involved in the Manahuilla Creek property in Texas, a major area for gas production. Work is scheduled to commence
on this property, April 19, 2004. Its other investment interest is in Pharmaxis Ltd. (PXS: Australian Stock Exchange)
where it is one of the largest shareholders, along with CIBC, HSBC, and the Rothschild Group. Patch's investment
has a current share value of just over $6-million.
For further information visit our corporate website at http://www.patchenergy.com/ Contact: Investor Relations Tel:
(604) 688-2790 Fax: (604) 688-5390 E-mail: info@patchenergy.com
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on
behalf of the Company. All such forward-looking statements are, by necessity, only estimates of future results and
actual results achieved by Praxis Pharmaceuticals Inc. may differ materially from these statements due to a number of
factors. Praxis Pharmaceuticals Inc. assumes no obligation to update these forward-looking statements to reflect actual
results, changes in assumptions or changes in other factors affecting such statements. You should independently
investigate and fully understand all risk before make investment decisions. Praxis Pharmaceuticals Inc.
CONTACT: Investor Relations, Tel: (604) 688-2790, Fax: (604) 688-5390, E-mail: info@patchenergy.com
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