CanAsia Provides Update With Respect to Acquisition of Global Neuro Technologies Inc.
10 Februar 2014 - 5:41PM
Marketwired
CanAsia Provides Update With Respect to Acquisition of Global Neuro
Technologies Inc.
CALGARY, ALBERTA--(Marketwired - Feb 10, 2014) - CanAsia
Financial Inc. ("CanAsia" or the "Company") (TSX-VENTURE:CNA)
announces that further to its press release dated October 9, 2013,
whereby the Company announced it will acquire all of the
outstanding shares of Global Neuro Technologies Inc. ("GNT") by
issuing to the shareholders of GNT a total of 714,285,714 units of
CanAsia (the "Units") at a deemed value of $0.07 per Unit for an
aggregate consideration of CDN$50 million (the "Proposed
Acquisition"), the Company has paid to GNT a deposit of $500,000
(the "Deposit").
GNT, together with GNT Pharma Co. Ltd. ("GNTP") (a South Korean
company), AmKor Pharma Co. Ltd. (a Delaware company) ("AmKor"), GNT
Holdings Co. Ltd. (a South Korean company) ("GNTH"), the parent
company of GNTP, AmKor, and the GNT group of companies (together
the "GNT Group"), and Dr. Byoung Joo Gwag, have provided an
undertaking to refund the Deposit if the Proposed Acquisition is
not completed by June 30, 2014. The Deposit will be fully
refundable to CanAsia if the Proposed Acquisition cannot be
completed on or before June 30, 2014 or GNT terminates the Proposed
Acquisition at any time.
The Company announces that it is proceeding with the Proposed
Acquisition and is in continuing discussions with potential
financiers and sponsors.
The Company will issue a future press release or press releases
setting out the financial statements for GNT, details of financing
arrangements and information on the directors and officers of the
Company continuing after the completion of the Proposed
Acquisition.
The trading of the common shares of the Company was halted and,
pursuant to the rules of the TSX Venture Exchange (the "Exchange"),
the halt in trading is expected to continue until the completion of
the Proposed Acquisition and the minimum listing requirements of
the Exchange are met or such earlier time as may be allowed by the
Exchange. Sponsorship pursuant to rules of the Exchange may be
required. The Company has not yet engaged a sponsor.
Completion of the Proposed Acquisition is subject to a
number of conditions, including Exchange acceptance and
disinterested shareholder approval. The Proposed Acquisition cannot
close until the required Exchange and shareholder approval is
obtained. There can be no assurance that the Proposed Acquisition
will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular to be prepared in connection with
the Proposed Acquisition, any information released or received with
respect to the Proposed Acquisition may not be accurate or complete
and should not be relied upon. Trading in the securities of the
Company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the
merits of the Proposed Acquisition and has neither approved nor
disapproved the contents of this press release.
About CanAsia
CanAsia is Alberta based company listed on the TSX Venture
Exchange. It is engaged in the business of developing unique new
business opportunities in the Pacific Rim countries. The Company is
located in Calgary, Alberta of Canada.
Advisory
This news release may contain certain forward-looking
information and statements, including without limitation,
statements pertaining to the Proposed Acquisition including the
Company's ability to obtain financing and the necessary approvals,
including regulatory approvals. Statements containing the words:
'believes', 'intends', 'expects', 'plans', 'seeks' and
'anticipates' and any other words of similar meaning are
forward-looking. All statements included herein involve various
risks and uncertainties because they relate to future events and
circumstances beyond the Company's control. There can be no
assurance that such information will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such information. A description of assumptions used
to develop such forward-looking information and a description of
risk factors that may cause actual results to differ materially
from forward-looking information can be found in CanAsia's
disclosure documents on the SEDAR website at www.sedar.com. Any
forward-looking statements are made as of the date of this press
release and CanAsia does not undertake to update any
forward-looking information except in accordance with applicable
securities laws.
Neither the 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.
CanAsia Financial Inc.James G. LouieChief Executive Officer(403)
870-7383louiejd@shaw.ca
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