Imperial Ginseng Products Ltd. Announces Purchase of Drying Facility and Equipment
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/15/11 -- Imperial Ginseng Products Ltd. (TSX VENTURE: IGP)(TSX VENTURE: IGP.PR.A) (the "Company") announces that on September 14, 2011, the Company, through its wholly owned subsidiary, Canadian Imperial Ginseng Ontario Ltd., entered into an asset purchase agreement (the "Agreement") with Chai-Na-Ta Farms Ltd. Under the Agreement, the Company will acquire a ginseng drying and processing facility and certain other equipment in Ontario for a total consideration of $1.85 million (the "Purchase Transaction"). The Purchase Transaction is expected to be completed on January 16, 2012 (the "Closing Date").
Pursuant to the terms of the Agreement, a deposit of $295,000 will be retained in trust by the solicitors of the seller until the Closing Date. In the event that the Purchase Transaction does not go through because of any events not satisfied under the conditions of the Agreement, the deposit, with the exception of an $80,000 non-refundable amount, will be returned to the Company.
ON BEHALF OF THE BOARD OF DIRECTORS OF IMPERIAL GINSENG PRODUCTS LTD.
Stephen McCoach, Chief Executive Officer and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Imperial Ginseng Products Ltd.
Stephen McCoach
Chief Executive Officer and Director
(604) 689-8863
(604) 689-8892 (FAX)
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Datum: 15.09.2011 - 21:22 Uhr
Sprache: Deutsch
News-ID 66586
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VANCOUVER, BRITISH COLUMBIA
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