NuState Signs Share Exchange Agreement with GLINS
August 25 2011 - 8:00AM
Business Wire
NuState Energy Holdings, Inc. (Pink Sheets:NSEH),
announced today that it has entered into a share exchange agreement
with GLINS International NV, (GLINS).
GLINS owns all the shares in GLINS Capital Curacao NV, (GCC).
GCC owns all of the shares in Suriname Green Mineral Holding NV,
(SGM). GLINS, GCC and SGM are all Curacao companies. SGM owns or
controls various assets in Suriname, South America including
several gold mining concessions.
Under the terms of the share exchange agreement, NuState is
acquiring 100% of the shares of GCC in exchange for 10,000 shares
of Series A Convertible Preferred Stock of NuState with an
aggregate stated value of $10 million. Upon full conversion of the
Series A Convertible Preferred Stock of NuState, GLINS will secure
a 95 percent equity position in NuState.
Kevin Yates, Chief Executive Officer of NuState said, “Suriname
is a remarkable country that is bursting with a wide range of
untapped opportunities. Located on the northern coast of South
America, it is bordered by the Atlantic Ocean, French Guiana,
Brazil and Guyana. Originally a Dutch colony, Suriname gained its
independence in 1975. Since 1991, Suriname has generally enjoyed a
growing democracy and political stability. The economy is dominated
by the mining industry with gold being one of the primary
exports.
“Our involvement with the GLINS organization will ideally
position NuState to exploit a number of business opportunities in
Suriname. With strong support from the country’s government, the
GLINS group of companies is focused on providing assistance in the
commercialization of Suriname’s untapped resources. The first and
most compelling of these resources is the gold mining industry and
GLINS has secured several mining concessions that exhibit great
potential. With gold experiencing historically high market prices,
the timing of our entry into this sector is absolutely
perfect.”
Stephan Mannen, Director of GLINS stated, “The focus and mission
of NuState will be to: (1) develop, structure and finance small to
medium enterprises in Suriname; (2) identify and attract in close
cooperation with GLINS, local and international institutional
investors for the further development, financing and expansion of
indigenous enterprises in Suriname; (3) create within the
international investment community and in particular in the U.S., a
strong interest in Suriname’s rich natural resources and business
potential, and (4) promote Suriname as an emerging market with a
stable political environment for foreign investments, banking,
international trade, tourism and cultural exchanges. The country
has an accommodating business attitude regarding foreign investors
and business developers. GLINS has a team of dedicated specialists
with the ability to play a pivotal role in the expansion of
Suriname’s economy.”
About the GLINS group of companies:
With offices in Curacao, Suriname and the U.S., the GLINS group
of companies specializes in the development, planning,
implementation and management of projects in Suriname pivoting on
public-private-partnerships and local small to medium enterprises.
Within the group, GLINS Financial Services N.V. is a member of the
Dutch Caribbean Securities Exchange (DCSX).
NuState’s headquarters are located at 1201 Main Street, Suite
1980, Columbia, S.C. 29201. 803-748-1309
Safe-Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release may contain forward-looking
information within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the Exchange Act), including all
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directors or its officers with respect to, among other things: (i)
the company's financing plans; (ii) trends affecting the company's
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growth strategy and operating strategy; and (iv) the declaration
and payment of dividends. The words "may," "would," "will,"
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forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, many of which are beyond the
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