July 17 (Reuters) - East West Petroleum Corp EW.V :
* EAST WEST PETROLEUM ANNOUNCES CORPORATE RESTRUCTURING AND LOI TO ACQUIRE JUVA LIFE INC.
* EAST WEST PETROLEUM CORP - FIRST STEP IN RESTRUCTURING IS SPIN-OUT OF OIL & GAS ASSETS, WITH CORRESPONDING CASH FLOW AND ALL OTHER ASSETS TO CO'S UNIT
* EAST WEST PETROLEUM - CO WILL THEN SPIN OUT SHARES OF NEW SUBSIDIARY NEWCO TO ITS SHAREHOLDERS PURSUANT TO PLAN OF ARRANGEMENT
* EAST WEST PETROLEUM CORP - AS PART OF PLAN OF ARRANGEMENT COMPANY WILL MOVE FORWARD TO COMPLETE ACQUISITION OF JUVA
* EAST WEST PETROLEUM CORP - CO WILL HAVE NOT LESS THAN $4 MILLION CAD CASH ON HAND TO PROVIDE INITIAL FINANCING TO JUVA
* EAST WEST PETROLEUM - EAST WEST WILL APPLY TO VOLUNTARILY DELIST FROM TSXV AND APPLY FOR A LISTING ON CANADIAN SECURITIES EXCHANGE (CSE)
* EAST WEST PETROLEUM CORP - EAST WEST TO ACQUIRE FROM SHAREHOLDERS OF JUVA ALL OF SHARES OF JUVA WHICH ARE ISSUED & OUTSTANDING AS OF CLOSING
* EAST WEST PETROLEUM CORP - IN ADDITION, DOUG CHLOUPEK FOUNDER & CEO OF JUVA LIFE WILL JOIN BOARD OF RESULTING ISSUER