Indy Diarytech Limited Com (TSXV:IND)
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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