WEST BEND, Wis., Sept. 29 /PRNewswire-FirstCall/ -- Mach One Corporation (Pink sheets: MNCN) ("Purchaser" or the "Company"), announced today that it has entered into a non-binding letter of intent dated September 26, 2008 related to a proposed transaction with Pacific Rim Foods (the "Seller" or "PRF") to acquire all of the outstanding common shares of the Seller.
The proposed transaction is subject to satisfactory completion of due diligence by the Purchaser, the execution of a definitive agreement and the approval of both the board of directors and the shareholders of Seller.
The non-binding terms of the letter of intent provide that all shareholders of Seller would receive shares of the Purchaser in exchange for 100% of their shares of PRF.
There can be no assurance that any definitive agreement will be entered into, that any proposed transaction will be approved by the shareholders of PRF or that any transaction will be completed as a result of the execution of the letter of intent.
Monte Tobin, CEO of Mach One Corporation commented, "This proposed acquisition of Pacific Rim Foods will not only give Mach One high-level access into the China market through Pacific Rim's presence there, it will also bring a tremendous boost to our financial position with the addition of their liquid assets held both as cash and as securities in other publicly traded companies. We are also excited that Pacific Rim's CEO Tad Ballantyne will also become an integral part of our management team."
Commenting on the proposed acquisition Tad Ballantyne, CEO of Pacific Rim Foods, said, "We are very pleased to have reached a preliminary understanding with Mach One for a transaction that will benefit our shareholders. The combined companies would constitute a much more significant force in Mach One's market, and have a strong foundation for continued organic and strategic growth." Diversification in commodities such as milk, corn and oil as well was technology interests offer our shareholders an interesting diversification model within development stage companies.
About Pacific Rim Foods Ltd:
Through its Jilin Jimei Foods Ltd. (http://www.jimeifoods.com.cn) Interests the company specializes in growing, canning and marketing the first sweet corn brand in China. The successful operation of its agricultural and processing business has allowed Pacific Rim Foods Ltd. to enter the growing China food market initially in the corn commodity sector. With over 50 people on the ground in China, Pacific Rim Foods Ltd. through Jilin Jimei Foods Ltd., is positioned to expand its operations into a number of growing markets. Through its Interests in Empire Energy Corporation International (http://www.empireenergy.com) Pacific Rim Foods Ltd. holds an interest in a frontier basin oil and gas exploration opportunity in the Asia-Pacific region. Commodities such as corn and oil will be important future opportunities for Pacific Rim Foods Ltd.
About Mach One Corporation:
Mach One (http://www.machonecorp.com) currently manufactures and sells Immunogam (TM) , a colostrums replacement, supplement and prophylactic, in sterile powder form, which can be administered orally or intravenously. VDx is also further developing a proprietary procedure to allow for large scale manufacturing of colostral replacement products for market that includes an added ingredient for elimination of mastitis and Johnnes disease.
Cautionary Statement: This news release may include certain "Forward- looking statements" within the meaning of Section 21E of the United States Securities Exchange Act, as amended. All statements, other than statements of historical fact, included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. This notice expressly qualifies all forward-looking statements in this release.
|SOURCE Mach One Corporation|
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