ParaFin Corporation Asset Manager Sells Off Non Hydrocarbon Related Assets. Focus Will Be on the Development of the Company's 6,
29 Juli 2008 - 8:36PM
Marketwired
PALM SPRINGS, CA : On July 17TH, 2008, Mr. Francisco A. S�ez,
Asset Manager of ParaFin and the Board of Directors has made the
decision to divest ParaFin of non hydrocarbon assets. ParaFin
announces the sale of its PC-E (Personal Computer Environment)
ergonomic Work Station, the PC-E Internet Web sites, e-Mail
addresses, intellectual properties and all development concepts to
METARUNNER INC. for US$6,000,000.00 and a (5%) five percent
royalty. Metarunner owns an internet web browser
(www.metarunner.com ) and considers this a great addition to its
business. The US$6,000,000 is to be paid by the issuance of
US$6,000,000 Series "A" Redeemable Retractable Preferred Shares of
the Purchaser to ParaFin, and, as part of the purchase price, the
Purchaser agrees to pay ParaFin a 5% royalty from all sales of the
said Work Stations. The Preferred shares are to be secured only by
all Patents, Patents Pending, internet web sites and e-Mail
addresses, intellectual properties and all development concepts
owned by the Corporation and the Preferred shares shall be redeemed
by the Purchaser from 90% of net cash flow from the sale of the
said work Stations. Once the Preferred shares have been redeemed,
the Purchaser shall continue to pay the 5% Royalty to the
Corporation.
After a careful review by Mr. S�ez, and the Board of Directors,
ParaFin has accepted the cancellation by Rauchless of the Agreement
with Rauchless Inc. for the North American distribution rights to
the smokeless cigarette. The transaction was canceled in writing by
e-Mail by Rauchless on April 2, 2008 and accepted by ParaFin
pursuant to the terms of the Agreement.
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under
the Securities Act of 1933 and Rule 3b-6 under the Securities
Exchange Act of 1934, and are subject to the safe harbor created by
those rules. All statements, other than statements of fact,
included in this release, including, without limitation, statements
regarding potential future plans and objectives of the company, are
forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements. Technical
complications that may arise could prevent the prompt
implementation of any strategically significant plan(s) outlined
above. The company cautions that these forward looking statements
are further qualified by other factors including, but not limited
to those, set forth in the company Form 10-KSB filing and other
filings with the United States Securities and Exchange Commission
(available at www.sec.gov). The company undertakes no obligation to
publicly update or revise any statements in this release, whether
as a result of new information, future events or otherwise.
ParaFin Corporation: Telephone: (877) 613-3131 Facsimile: (866)
613-3131 E-Mail: ceo@parafincorp.com Internet Web Site:
http://www.parafincorp.com
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