Berkeley Capital Corp. II: Termination of Qualifying Transaction with EnWise Holdings Inc.
03 Dezembro 2008 - 3:56PM
Marketwired
Berkeley Capital Corp. II ("Berkeley"), a capital pool company
listed on the TSX Venture Exchange Inc. ("TSX Venture Exchange")
(TSX VENTURE: BIZ.P), announces that the proposed transaction with
EnWise Holdings Inc. ("EnWise") for its Qualifying Transaction has
been terminated. Berkeley and EnWise entered into a letter
agreement on July 18, 2008 that was announced on July 24, 2008.
EnWise has been working on strategic initiatives and operational
improvements in its business and final work to complete audited
financial statements in connection with the proposed Qualifying
Transaction. As a result, the Qualifying Transaction has been
delayed. Following discussion, both parties agreed that proceeding
with the proposed Qualifying Transaction at this time is not in the
best interests of the companies. Berkeley terminated the letter
agreement on December 1, 2008 in accordance with its terms, and as
a result of such termination EnWise is obligated to reimburse
Berkeley for all of its reasonable out-of- pocket costs and
expenses incurred in connection with the transactions contemplated
by the letter agreement (including legal and audit fees and
expenses).
Berkeley intends to immediately resume its search for a target
business for its Qualifying Transaction.
Cautionary Note Regarding Forward-looking Statements
This news release contains forward-looking statements
(including, without limitation, information regarding the
Berkeley's Qualifying Transaction) that involve risks and
uncertainties that could cause the results of Berkeley to differ
materially from management's current expectations. Actual results
may differ materially due to a number of factors including, among
others: the parties may not enter into any future agreement; and
Berkeley may not find a target business for its Qualifying
Transaction. The matters discussed in this news release also
involve risks and uncertainties described in Berkeley's documents
filed from time to time with the Canadian securities regulatory
authorities. Berkeley assumes no obligation to update the
forward-looking information contained in this new release.
EnWise is a trademark of EnWise Power Solutions Inc. Other names
mentioned herein are the property of their respective owners.
Contacts: Berkeley Capital Corp. II Anthony Lacavera Chief
Executive Officer 1-877-445-8606 EnWise Holdings Inc. Peter Hwang
Chief Executive Officer (416) 444-9700 x315
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