/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES./
VANCOUVER, April 13 /CNW/ - Canfe Ventures Ltd. ("Canfe") (TSXV:FEY.P)
reports that that it has entered into a definitive agreement for the arm's
length acquisition of 100% of the shares of common stock of Dinan Engineering,
Inc. ("Dinan") which replaces the letter agreement reported in Canfe's news
release of January 12, 2009. This transaction (the "Proposed Transaction") is
intended to qualify as Canfe's "Qualifying Transaction" under TSX Venture
Exchange Policy 2.4.
Dinan, a private company with headquarters in Morgan Hill, California,
USA, was founded in 1979. Its business is organized into four distinct yet
complementary divisions. Dinan's high performance products division develops,
manufactures and sells a wide range of performance-oriented aftermarket
products for certain high performance BMW automobiles. Dinan's aftermarket
products are distributed through a North American network of approximately 140
authorized Dinan dealers. Dinan's software division develops performance
enhancing software for BMW engine management and other control systems.
Dinan's service centre division operates automotive service centres which
provide automotive maintenance specializing in high performance BMW
automobiles. The Dinan service centres also act as a retail sales distribution
channel for Dinan's high performance products and software. Dinan's Engine
Development division produces high performance engines for BMW automobiles for
street and racing applications.
Dinan has been featured in over 77 road tests and 12 cover stories in the
automotive press. For more detailed information about Dinan, see:
In conjunction with the Proposed Transaction, Canfe and Dinan have signed
an engagement letter with Canaccord Capital Corporation ("Canaccord") to sell,
on a commercially reasonable efforts basis, units of Canfe at a price of $0.30
per unit to raise gross proceeds of up to $3,000,000 with an over-allotment
option of $1,000,000 (the "Concurrent Financing"). Each unit will consist of
one class A common share of Canfe and one-half of one share purchase warrant.
Each whole share purchase warrant will entitle the holder to purchase one
class A common share of Canfe at a price $0.40 for a period of 24 months from
closing. A preliminary prospectus relating to the Concurrent Financing has
been filed with, and a receipt for the preliminary prospectus has been issued
by, the securities commissions of BC, Alberta and Ontario.
The securities contemplated to be issued in the Concurrent Financing have
not been and will not be registered under the Securities Act of 1933, as
amended, or any state securities laws, and the securities may not be offered
or sold in the United States absent registration or an applicable exemption
from such registration. This news release does not constitute an offer of
On behalf of Canfe Ventures Ltd.
President & CEO
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 NEWS RELEASE.
For further information:
For further information: Robert Bick, President & CEO, Canfe Ventures
Ltd., (604) 688-9588