Yonge Street Capital Corp.: Corporate Update-Tamaka Holdings LOI Expiration
May 16 2008 - 1:01PM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: YSC.P), a capital pool company,
announces a corporate update.
Yonge Street advises that its letter of intent ("LOI") with
Tamaka Holdings Inc. ("Tamaka") executed on November 19, 2007 has
expired and the parties have agreed to an amicable mutual
termination and release.
Trading in the shares of Yonge Street was halted at its request
on November 26, 2007 pending the announcement of the LOI with
Tamaka pursuant to the provisions of Section 10.9(1) of the
Universal Market Integrity Rules. Yonge Street has taken action to
have the trading of its shares resume.
While Tamaka's business was attractive to Yonge Street, Yonge
Street believes market conditions are not conducive to it being
able to close a transaction with Tamaka on terms reasonably
suitable to both Tamaka and Yonge Street within a reasonable time.
Under the circumstances Yonge Street remains open to a future
arrangement with Tamaka but will also explore other options. No
funds were advanced to Tamaka relative to the LOI.
Investors are cautioned that trading in the securities of a
capital pool company should be considered highly speculative.
Further information concerning Yonge Street can be found in the
prospectus of Yonge Street dated March 27, 2006 and at
www.sedar.com.
The TSX Venture Exchange has not approved or disapproved the
contents of this news release.
Contacts: Yonge Street Capital Corp. Gerald Ruth President, CEO
and Director (416) 899-3304