Nanotech Sciences Corp. Terminates Letter of Intent to Acquire Natcore Technology, Inc.
15 August 2008 - 11:49PM
Marketwired
Nanotech Sciences Corp. (the "Corporation")(TSX VENTURE: NAN.P) a
capital pool company, announced today the termination of the letter
of intent dated June 17, 2008, as amended (the "Agreement"),
pursuant to which the Corporation had conditionally agreed to
acquire all of the issued and outstanding securities of Natcore
Technology, Inc. ("Natcore") as its qualifying transaction. The
Corporation terminated the Agreement because it was unable to
satisfactorily complete its due diligence review of Natcore. The
Corporation's board of directors have determined that they can not
proceed with the transaction as presently structured and that it is
in its best interests to terminate the Agreement and to resume the
process of identifying and evaluating businesses and assets with a
view to completing its potential qualifying transaction.
The Corporation has requested repayment of the demand loan dated
July 18, 2008 with Natcore in the amount of $100,000, which was
provided to Natcore to cover cost associated with completion of the
qualifying transaction.
The Corporation will resume its process of identifying and
evaluating businesses and assets with a view to completing a
potential qualifying transaction.
It is expected that trading will resume in the common shares of
the Corporation on the TSX Venture Exchange on or about Tuesday
August 19, 2008.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the transaction, any information released or
received with respect to the transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of a capital pool company should be considered highly
speculative.
This news release may contain forward-looking statements that
are based on Nanotech's expectations, estimates and projections
regarding its business and the economic environment in which it
operates. These statements are not guarantees of future performance
and involve risks and uncertainties that are difficult to control
or predict. Therefore, actual outcomes and results may differ
materially from those expressed in these forward-looking statements
and readers should not place undue reliance on such statements.
Statements speak only as of the date on which they are made, and
Nanotech undertakes no obligation to update them publicly to
reflect new information or the occurrence of future events or
circumstances.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release. The TSX Venture
Exchange Inc. does not accept responsibility for the adequacy or
accuracy of this release.
Contacts: Nanotech Sciences Corp. President & Chief
Executive Officer Scott Walters (416) 369-0456
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