Centiva Terminates Proposed Acquisition and Reorganization
May 03 2011 - 12:07PM
Marketwired
Centiva Capital Inc. (TSX VENTURE: CVC) announced today that it
will not proceed with its previously announced acquisition of all
of the outstanding shares of Intech LCD Group Limited ("Intech")
and subsequent private placement financing and spin-out its
existing assets to its shareholders under a corporate
reorganization.
The acquisition of Intech, announced on December 13, 2010, was
subject to a number of conditions including completion of due
diligence by Centiva on Intech. Since the Company's last update
press release on January 26, 2011, Centiva has continued to conduct
due diligence but will not be able to currently complete the due
diligence to its satisfaction in a timely fashion. As a result,
Centiva and Intech have mutually agreed to terminate the Share
Exchange Agreement dated December 13, 2010.
Private Placement and Corporate Reorganization
Centiva also intended to complete a private placement financing
concurrently with the Intech acquisition and to spin-out its
existing assets to its shareholders as part of a corporate
reorganization. Centiva will not proceed with either the financing
or the corporate reorganization at this time.
Included in this news release are matters that constitute
"forward-looking" information within the meaning of Canadian
securities law. Such forward-looking statements may be identified
by words such as "plans", "proposes", "estimates", "intends",
"expects", "believes", "may" or words of a similar nature. There
can be no assurance that such statements will prove to be accurate.
Actual results and future events could differ materially from such
statements. Factors that could cause actual results to differ
materially include among others, regulatory risks, risk inherent in
foreign operations, commodity prices and competition. Most of these
factors are outside the control of the Company. All subsequent
forward-looking statements attributable to the Company or its
agents are expressly qualified in their entirety by these
cautionary comments. Except as otherwise required by applicable
securities statutes or regulation, the Company expressly disclaims
any intent or obligation to update publicly forward-looking
information, whether as a result of new information, future events
or otherwise.
Neither the Exchange nor its regulation services provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or the accuracy of this
release.
Contacts: Centiva Capital Inc. John D. Pennal President (416)
956-4926
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