VANCOUVER AND MESA, AZ, May 22, 2013 /CNW/ - Asantae Holdings
International Inc. (TSX-V: JVA; OTC: ASNHF) (the "Company") is pleased
to report several key corporate developments.
Appointment of Douglas Ridley as President
The Company is pleased to announce the appointment of Douglas Ridley as
President. Mr. Ridley has previously been an advisor to the Company's
Board of Directors and management team during its turn-around that
commenced late 2011. He will assume his new position upon closing of
the private placement that is also announced today.
Mr. Ridley has extensive experience in network marketing management both
in the sales field and corporate roles, in both private and public
companies. Doug led another network marketing start-up (Quorum
International) to $125 million annual sales in less than three years,
with $20 million in profit. More recently he has been instrumental in
the turn around of two smaller network marketing companies. As a
successful distributor Doug led a field organization of over 10,000
people that generated $25 million in annual sales volume.
Doug has over 25 years of experience in network marketing and brings a
track record of performance, leadership, and demonstrable results. "We
are fortunate to have someone of Doug's talents and abilities as part
of the team. His vast experience both in the highest levels of
corporate management and field leadership has allowed everyone from our
board members to distributors to know we've positioned ourselves for
success," said CEO, Dan Lundell. He further stated, "We have been
pleased with Doug's influence on the company's dramatic improvements
over the past year and expect him to have a much greater impact on our
growth well into the future as President."
New Company Name
Asantae announces that, subject to the approval of the TSX Venture
Exchange, the Company will be changing its name to Avidus Management
Group Inc. Its new trading symbol will be "AVD." All other entities
and related companies names will remain the same.
The Company announces a private placement pursuant to which the Company
will issue up to 13,000,000 units (each a "Unit") at a price of $0.05
per Unit for gross proceeds of up to $650,000.
Each Unit will be comprised of one common share and one transferable
common share purchase warrant (each a "Warrant") and each whole Warrant
will entitle the holder thereof to purchase an additional common share
of the Company at an exercise price of $0.10 per share for 36 months
from the Closing Date of the Private Placement.
The securities issued in connection with the private placement and any
shares issued in connection with the exercise of Warrants will be
subject to a statutory hold period of four months plus a day from the
date of issuance in accordance with applicable securities legislation.
Closing of the private placement is subject to a number of conditions,
including receipt of all necessary corporate and regulatory approvals,
including the TSX Venture Exchange.
The net proceeds of the private placement will be used to for general
corporate and working capital purposes.
Asantae Holdings International Inc. (www.asantae.com) is a producer and marketer of innovative nutritional products through
a network of independent distributors (Asantae Independent
Affiliates). Asantae's flagship product RealW8™ addresses the primary
threat to public health in the industrialized world; overweight and
obesity. Asantae's approach to this threat is based on a body of
research related to the brain chemistry of addiction, chronic low-grade
inflammation and oxidative stresses which, according to scientific and
medical research, are the underlying conditions for most modern
epidemic diseases (obesity, heart disease, diabetes, stroke, some
cancers, etc.). According to Market data Enterprises, Inc., the U.S.
weight loss market alone is estimated at $60.9 billion per year.
Neither the 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 release.
Forward Looking Statements: Certain information in this news release is
forward-looking within the meaning of certain securities laws, and is
subject to important risks, uncertainties and assumptions. This
forward-looking information includes, among other things, information
with respect to the Company's beliefs, plans, expectations,
anticipations, estimates and intentions, including in respect of the
appointment of Douglas Ridley as President, the Company's proposed name
change and the completion of the proposed private placement. The words
"may", "could", "should", "would", "suspect", "outlook", "believe",
"anticipate", "estimate", "expect", "intend", "plan", "target" and
similar words and expressions are used to identify forward-looking
information. The forward-looking information in this news release
describes the Company's expectations as of the date of this news
release. The results or events anticipated or predicted in such
forward-looking information may differ materially from actual results
or events. Material factors which could cause actual results or events
to differ materially from such forward- looking information include,
among others, the Company's ability to develop new products which will
receive market acceptance, to receive market acceptance in new markets
outside the United States, to engage and retain qualified key
personnel, employees and affiliates, to obtain capital and credit and
to protect its intellectual property rights.
The Company cautions that the foregoing list of material factors is not
exhaustive. When relying on the Company's forward-looking information
to make decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. The
Company has assumed a certain progression, which may not be realized.
It has also assumed that the material factors referred to in the
previous paragraph will not cause such forward-looking information to
differ materially from actual results or events. However, the list of
these factors is not exhaustive and is subject to change and there can
be no assurance that such assumptions will reflect the actual outcome
of such items or factors.
SOURCE: Asantae Holdings International, Inc
For further information:
Asantae Holdings International Inc.
Dan Lundell, CEO/COO
10153 E Hampton Ave, Ste 101, Mesa, AZ, 85209 USA
P: 480-278-8712 / F: 480-383-6147
Sequoia Partners Inc.