Banro Retains Institutional IR Firm
July 20th, 2005
Toronto, Canada - July 20, 2005 - Banro Corporation (“Banro” or the “Corporation”) (AMEX - “BAA”; TSX-V - “BAA”) announces that it has retained the Los Angeles area firm of Michael Baybak and Company, Inc. (“MBC”) to provide financial institutional relations and institutional market development consulting services to the Company. Headed by Mr. Michael Baybak, MBC is a long-term financial and media relations specialist in the natural resource and gold exploration sectors. The Company will pay MBC a monthly fee of US$10,000 for a 12 month term, and may renew the agreement by mutual consent. Under the agreement, which is subject to the approval of the TSX Venture Exchange, the Company has also granted to Baybak, pursuant to the terms of the Company’s stock option plan, 150,000 stock options, each such stock option entitling the holder to purchase one common share of the Company at a price of Cdn$5.25 for a period of three years.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.
For further information, please visit our website at www.banro.com, or contact: Peter Cowley, President and C.E.O., United Kingdom, Tel: (44) 790-454-0856; Arnold T. Kondrat, Executive Vice-President, Toronto, Ontario, or Martin Jones, Vice-President, Corporate Development, Toronto, Ontario, Tel: (416) 366-2221 or 1-800-714-7938.