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Jun 15th 2011
AsiaPac Capital Services Advises of Delay in Finalizing Acquisition of New Companies
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June 9, 2011. AsiaPac Capital Services Ltd.: Deutsche Börse symbol: 5AP. (www .asiapaccapital.ca), advised today that there will be a delay of 2 – 3 months in the acquisition of a minority interest in a number of companies controlled by AsiaPac President Samuel Lee. The delay stems from the need to obtain regulatory approval for the acquisition of Travelers Insurance and Surety Corp. (Philippines) prior to finalizing the planned acquisition of a minority interest of 30%.
As previously announced on April 18th, 2011, there are a number of companies beneficially owned by Samuel Lee through a privately held holding company. The acquisition of a minority interest in these companies will be executed via an exchange of shares, and the final valuation will be announced in the near future, pending determination of the final valuation of Travelers.
The delay will affect the timing of the acquisition of the entire package of companies, as the share swap with the holding company will be executed on a consolidated basis.
Disclaimer & Safe Harbor Statement:
This release may contain certain “forward-looking statements” with respect to certain of AsiaPac Capital Services Ltd.’s plans, goals and expectations regarding its future financial condition, performance, results, strategy and objectives. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “may”, “could”, “would”, “might”, “will” and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, beliefs, plans, projections, objections, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements in this press release are not promises or guarantees of future performance and are subject to risks and uncertainties that could cause AsiaPac Capital Services Ltd.’s actual results to differ materially from those anticipated. AsiaPac Capital Services Ltd. cautions the reader not to place undue reliance upon any such forward-looking statements. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed herein as well as the following: (i) domestic and global economic and business conditions; (ii) market related risks and the performance of financial markets generally; (iii) the policies and actions of regulatory authorities; (iv) the impact of competitive factors; (v) risks and uncertainties associated with future acquisitions or combinations within relevant industries; and (vi) changes in capital, solvency or accounting standards as well as tax and other relevant legislation or regulations in the jurisdictions in which AsiaPac Capital Services Ltd. operates. The actual results that AsiaPac Capital Services Ltd. achieves may differ materially from any forward-looking statements which are based on management’s beliefs and opinions at the time the statements are made. AsiaPac Capital Services Ltd. does not undertake any obligation to update forward-looking statements should circumstances or management’s beliefs or opinions change.
For further information please contact:
AsiaPac Capital Services Ltd.
Suite 3500
Hudson Bay Center
No. 2 Bloor Street East
Toronto ON
M4W 1A8
Email: info@asiapaccapital.ca
investor@asiapaccapital.ca |
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