Polo Biology Completes Sale of its Operating Subsidiary; Listing to be moved to the NEX Board of the TSX Venture Exchange
VANCOUVER, Oct. 2, 2012 /CNW/ - Polo Biology Global Group Corporation (the "Company") (TSXV: PGG) announced today that it has completed the sale of its active business (see the Company's August 17, July 24, and June 6, 2012 news releases for further details), for gross proceeds of CDN$760,000.00. As the Company now has no active business, its listing is being moved to the NEX Board of the TSX Venture Exchange (the "Exchange"). In continuing with its reorganization, management is proceeding with a 1:10 consolidation of capital and name change. The consolidation of capital and move to the NEX are subject to approval of the Exchange. Management members are also actively pursuing business opportunities with a view to making an acquisition that will qualify the Company, at a minimum, for listing on Tier 2 of the Exchange.
This news release contains "forward-looking statements". Forward-looking statements include, but are not limited to, statements with respect to the plans for completion of the disposition of all or substantially all of the Company's undertaking, future plans and objectives of the Company, estimation of profitability, the timing and content of upcoming business plans, capital expenditures, success of business operations, risks, and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, delays in obtaining regulatory approvals on acceptable terms; delays in obtaining shareholder approval; risks related to international operations; actual results of planned expansion activities; changes in project parameters as plans continue to be refined; future prices of supplies and market prices for products; exchange rates for Canadian, Chinese and any other currencies material to the Company's businesses; accidents, labour disputes and other risks of the industries that the Company is currently operating in; delays in obtaining governmental approvals or financings or in the completion of development activities; Chinese government policies impacting the Company's businesses; general economic, market or business conditions. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements or information made in this news release, except as required under applicable securities legislation.
Neither 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.
SOURCE: Polo Biology Global Group CorporationFor further information:
Jeff Zheng, President
Polo Biology Global Group Corporation