Radar Acquisitions Corp. TSX VENTURE : RAC

September 25, 2008 08:00 ET

Radar Announces Board Appointment

CALGARY, ALBERTA--(Marketwire - Sept. 25, 2008) - Radar Acquisitions Corp. (TSX VENTURE:RAC) is pleased to announce the appointment of Jonathan (Jon) Legg to the Board of Directors. Mr. Legg will also take on the role of Chairman of the Board.

Mr. Legg is a senior corporate executive and an experienced corporate director with over 30 years of experience in management, corporate transformation and financial restructuring in both Canada and the United States. Mr. Legg has held various senior leadership positions and was most recently Head of Strategic Initiatives and a Member of the Management Committee of Canadian Pacific Railway (CP). Prior to joining CP, Jon had a distinguished career with Royal Bank of Canada (RBC) where, over a period of 25 years, he worked in leadership positions in both the United States and Canada. In the United States, he was Chief Executive Officer of RBC Mortgage and President and Chief Operating Officer of RBC Centura Banks Inc. Prior to moving to the United States, Jon was Senior Vice President, Operations & Service Delivery, RBC Banking North America.

Mr. Legg is also the Chairman of the Board of XS Cargo Income Trust which is listed on the Toronto Stock Exchange under the symbol "XSC.UN".

Radar also announces that Mr. John Bergen will step down as the Chairman of the Board and that Mr. Peter Leger will resign from the board. Mr. Leger will continue with the company as VP Business Development with a primary focus on the development of the Buick Coal Property in Colorado.

"Jonathan Legg brings significant skill and experience to our Board and we look forward to working together as Radar continues to evolve and grow," said John Bergen, former Chairman of Radar. President and CEO Tim Bergen is excited about the addition of Jon to the Board. "As we move to execute on our business plan and look to start production of Re-Fuel in the United States, Jon's financial background and experience in the United States will be an important asset to the company".

Mr. Legg intends to purchase $50,000 of units of Radar at a price of $0.22 per unit (227,273 in aggregate) subject to the approval of the TSX Venture Exchange. Each unit is comprised of one common share and one half of a common share purchase warrant. Each whole warrant is exercisable at $0.33 per common share for a period of one year from the date of issuance. Mr. Legg has been issued 200,000 stock options with an exercise price of $0.25. The options, issued in accordance with Radar's stock option plan, are valid for five years and vest as to 1/6 of the options issued at the end of each successive three month period from the date of issuance such that the options are fully vested 18 months from the date of issuance. Radar has determined that exemptions (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization) from the various requirements of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the grant of options and the issuance of the units.

About Radar Acquisitions Corp.

Radar is a natural resource company focused on building shareholder value through the acquisition, exploration and development of natural resources and natural resource related technologies. Radar has currently two major projects under development: the Buick Coal Project which holds indicated and inferred coal resources in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007, and the RPS Fuels joint venture which develops engineered solid fuel products (Re-Fuel™) using a combination of coal waste and biomass.

Re-Fuel™ will benefit the environment through the reclamation of coal waste and other bio-refuse in the production phase and cleaner stack and ash emissions in the power generation phase. Production of Re-Fuel can qualify the producing joint venture company for a variety of tax credits while providing coal waste owners/suppliers with a significant benefit by decreasing site reclamation costs. Users of Re-Fuel™ will benefit from a competitively priced, cleaner, more efficient product that may also make them eligible for substantial carbon credits.

This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Radar's current beliefs and is based on information currently available to Radar and on assumptions Radar believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports or prior exploration results, the quality and amount of waste coal being used to supply the Re-Fuel™ technology being consistent with sample testing results, the amount of waste coal being consistent with historical estimates and the ability of RPS to build Re-Fuel™ production facilities within timelines and costs budgeted by RPS. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radar, its subsidiaries or RPS to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Radar, RPS, Re-Fuel™ and the Re-Fuel™ technology; general business, economic, competitive, political and social uncertainties; uncertainties as to market acceptability of Re-Fuel™ and the Re-Fuel™ technology; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, Re-Fuel™ and the Re-Fuel™ technology; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of Re-Fuel™ and the Re-Fuel™ technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals.
Although Radar has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Radar does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.