TSX Venture Exchange Symbol: VFI.P
TORONTO, Feb. 18 /CNW/ - At the request of the TSX Venture Exchange, Verdant Financial Partners I
Inc. (TSXV: VFI.P) (the "Company"), a capital pool company, discloses
previous announcements not properly disseminated. In prior instances,
the Company had only filed press releases on Sedar and not through an
acceptable news dissemination service.
On October 28, 2010, Verdant Financial Partners I Inc. (TSXV: VFI.P)
(the "Company"), a capital pool company, announced that it had
terminated discussions to acquire certain assets of Inergy Power
Corporation, Invantage Manufacturing Inc., and Trinergy Power Inc.
(collectively as the "Target Company") as contemplated in a Letter of
Intent signed by the Company on May 7, 2010 and communicated in a press
release dated May 10, 2010. The decision to terminate discussions,
effective October 20, 2010 and announced on October 28, 2010, was due
to the fact that the Company was unable to complete satisfactory due
diligence. On May 18, 2010, the Corporation advanced a loan of $25,000
to the Target Company. The loan was recorded as a loan receivable in
the fiscal first quarter of 2011. During the fiscal second quarter of
2011, the Company determined that there was no reasonable assurance of
collecting the amounts advanced to the Target Company. As a result, the
full amount of the loan was written-off during the fiscal second
quarter of 2011. The Company will continue to pursue and evaluate
businesses and assets with a view to completing a Qualifying
On September 7, 2010 the Company announced the passing of Paul Maasland,
President, Chief Executive Officer and Chairman of the Board of
Directors of the Company. Effective October 20, 2010, the Board of
Directors of the Company announced the appointment of Thomas H.
Wallace, CA, CPA (Illinois) as Acting Chief Executive Officer of the
Company. Mr. Wallace has been Chief Financial Officer and Director of
the Company since incorporation and has been responsible for
identifying and evaluating various potential qualifying transactions.
About Verdant Financial Partners I Inc.
Verdant Financial Partners I Inc. is the first in a planned series of
CPCs focused on generating superior shareholder returns through the
creation of unique CPCs.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Verdant Financial Partners I Inc.
For further information:
Tom Wallace, CA, CPA, Acting Chief Executive Officer and Chief Financial Officer
Verdant Financial Partners I Inc.
T: (647) 262-9255