RESTON, Va., Oct. 31 /Xinhua-PRNewswire-FirstCall/ -- Emerald Dairy
Inc. (OTC Bulletin Board: EMDY) announced today that the Company has
extended the terms of its offer to existing warrant holders to exercise
their warrants on amended terms. The offer to exercise the warrants on
amended terms was scheduled to expire on October 31, 2008, but has been
extended by the Company until November 21, 2008. If all of the Company's
outstanding warrants to purchase approximately 8.0 million shares are
exercised according to the amended terms, the Company should receive funds
for approximately $16.9 million. To date, two warrant holders have
exercised their warrants for 180,000 shares under the amended terms. A
number of others have indicated a desire to exercise, but have not provided
all of the necessary documentation in order to do so. The Company expects
to apply the proceeds from the exercise of warrants toward the cost of
constructing a new production facility.
Amended terms, originally offered on April 24, 2008, include the following:
-- With respect to the 373,344 warrants having an exercise price of
$0.94 per share, a holder accepting the offer may exercise some or
all of the warrants at $0.75 per share of Common Stock;
-- With respect to the 1.3 million warrants having an exercise price of
$1.50 per share, a holder accepting the offer may exercise some or all
of the warrants at $1.20 per share of Common Stock;
-- With respect to the 1.4 million warrants having an exercise price of
$2.04 per share, a holder accepting the offer may exercise some or all
of the warrants at $1.63 per share of Common Stock; and
-- With respect to the 4.9 million warrants having an exercise price of
$3.26 per share, a holder accepting the offer may exercise some or all
of the warrants at $2.61 per share of Common Stock.
Warrant holders with questions or concerns regarding the option to exercise warrants should contact the exchange agent for the offer, John Harmann at Computershare, Inc., at 303-262-0775 or 800-962-4284 ext 5732 or by e-mail to: John.Harmann@computershare.com.
About Emerald Dairy Inc.:
Through its wholly-owned operating subsidiaries, Emerald Dairy Inc. is a producer and distributor of infant and children's formula, milk powder and soybean products in the People's Republic of China. The Company's products are sold under two brand names -- "Xing An Ling" and "Yi Bai."
Certain statements in this release and other written or oral statements
made by or on behalf of the Company are "forward looking statements" within
the meaning of the federal securities laws. Statements regarding future
events and developments and our future performance, as well as management's
expectations, beliefs, plans, estimates or projections relating to the
future are forward-looking statements within the meaning of these laws. The
forward looking statements are subject to a number of risks and
uncertainties including market acceptance of the Company's services and
projects and the Company's continued access to capital and other risks and
uncertainties. The actual results the Company achieves may differ
materially from any forward- looking statements due to such risks and
uncertainties. These statements are based on our current expectations and
speak only as of the date of such statements.
For more information, please contact:
In the U.S.:
|SOURCE Emerald Dairy Inc.|
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