DGAP-News: AsiaPac Capital Services Sign LOI With Interline Management Ltd.
(firmenpresse) - Asiapac Capital Services Inc. / Letter of Intent
24.02.2010 17:21
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Toronto, Canada - (For immediate release) - February 24, 2010
AsiaPac Capital Services Ltd. (AsiaPac),: Deutsche Börse symbol: 5AP. (www
.asiapaccapital.ca), announced today that it has signed a Letter of Intent
with Interline Management, Ltd. (Interline), an investment company based in
Shanghai, China, to purchase a 40% minority interest in AsiaPac.
The LOI will see Interline purchase 4.6 million shares of newly issued
restricted common stock at EUR4.50 per share for a total investment of
EUR20.7 million, or approximately $28 million USD at prevailing rates of
exchange.
The companies are in continued discussions regarding prioritization of the
use of funds within the Company's pipeline of Renewable Energy projects as
well as its mining properties.
Company President, Mr. Samuel Lee, noted; 'We expect that Interline will
have representation on the Board, and that we will see a joint finance
committee established to oversee the application of the funds. The funds
are anticipated to be held in escrow and released in tranches to fund
project development on a staged basis as we move these business projects
forward. The LOI requires a definitive share purchase agreement to be
signed within thirty days, but we are anticipating that the closing of the
official transaction will be consummated earlier, rather than later, within
that period of time.'
The Company will be releasing further information as based on additional
developments in this area.
Disclaimer&Safe Harbor Statement:
This release includes forward looking statements, which are based on
certain assumptions and reflects management's current expectations. These
forward looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations. The Company disclaims any intention
or obligation to update or revise any forward looking statements, whether
as a result of new information, future events or otherwise. 'Safe Harbor'
Statement under the U.S. Private Securities Litigation Reform Act of 1995:
This release contains certain 'forward-looking' statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
For further information please contact:
AsiaPac Capital Services Ltd.
557A Eglinton Ave West,
Toronto, Canada M5N 1B5
Phone: 1-416-800-2080
Email: info(at)asiapaccapital.ca
24.02.2010 17:21 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 24.02.2010 - 17:21 Uhr
Sprache: Deutsch
News-ID 17106
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