IND Dairytech Limited Announces Proposed Trading Halt In Connection With The Proposed Take Private Transaction
July 22 2011 - 6:30PM
PR Newswire (Canada)
VANCOUVER, July 22, 2011 /CNW/ -- VANCOUVER, July 22, 2011 /CNW/ -
IND DairyTech Limited ("IND" or "the Company") (TSXV: IND)
announced today that it expects to voluntarily halt trading of the
Company's common shares (the "Shares") on the TSX Venture Exchange
(the "Exchange") at the close of the markets on July 25,
2011. The trading halt is being proposed to facilitate the
closing and settlement of the Company's proposed take private
transaction, which is currently being scheduled for July 29,
2011. The trading halt will remain in effect until the Shares
are delisted from the Exchange. About IND DairyTech Limited IND,
through its operating subsidiaries, is an emerging raw milk and
Holsteins producer in China that is seeking to become a leading
provider of high quality raw milk and Holsteins to the Chinese
dairy industry. To meet China's increasing demand for dairy
products, the Company is using Canadian cattle genetics and North
American farming practices to establish and develop its dairy herd
in China. The Company plans to develop its herd in China through
the use of advanced breeding techniques employing Canadian Holstein
embryos that it intends to use to impregnate surrogate cows. These
embryos have been created through in vitro fertilization using
sexed semen to achieve an approximate 90% female birth rate. The
use of these advanced breeding techniques is expected to allow the
Company to rapidly expand its herd. The use of Canadian Holstein
embryos also provides a practical solution to China's ban on the
import of live Canadian cattle. 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 news release. Forward-Looking
Statements: This news release contains forward-looking statements
relating to the proposed trading halt and the proposed take private
transaction of the Company, including statements regarding the
proposed trading halt. Such forward-looking statements are subject
to important risks, uncertainties and assumptions. The results or
events predicted in these forward-looking statements may differ
materially from actual results or events. As a result, you are
cautioned not to place undue reliance on these forward-looking
statements. The completion of the proposed take private transaction
is subject to a number of terms and conditions, including, without
limitation: (i) approval of the TSX Venture Exchange; (ii) required
shareholder approvals; (iii) support of certain remaining
shareholders who will not receive any consideration as a result of
the proposed take private transaction; and (iv) certain termination
rights available to the parties under a support agreement dated
June 28, 2011 (the "Support Agreement"). These approvals may not be
obtained, or the conditions of the proposed take private
transaction may not be satisfied in accordance with their terms,
and/or the parties to the Support Agreement may exercise their
termination rights, in which case the proposed take private
transaction could be modified, restructured or terminated, as
applicable. The forward-looking statements contained in this news
release are made as of the date of this release. Except as required
by applicable law, the Company disclaims any intention and assumes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
For additional information with respect to certain of these and
other assumptions and risks, please refer to the management
circular to be filed by the Company with the applicable securities
commissions, which will be available at www.sedar.com. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/July2011/22/c7129.html
table valign="top" border="0" tr valign="top" td valign="top"
align="left" Jesse Zhubr/ Chief Executive Officerbr/ IND DairyTech
Limitedbr/ 604-522-1619 /td td /td td valign="top"
align="left" Selen Zhoubr/ Corporate Secretarybr/ IND DairyTech
Limitedbr/ 604-522-1619 /td /tr /table p /p
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