/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES./
VANCOUVER, June 22, 2012 /CNW/ - Kaiyue International Inc. (TSXV: KYU.P)
(the "Company" or "Kaiyue") announced today that it will not proceed with the proposed
acquisition of China Easy-Pay Technology Inc. ("CEP") from Soar High
Group Limited pursuant to an acquisition agreement entered into among
the parties as announced on December 3, 2010, which has terminated
pursuant to its terms.
Since December 3, 2010, the Company has completed a non-brokered private
placement of its common shares on October 24, 2011 for aggregate gross
proceeds of approximately $1.5 million at a price of $0.15 per share.
Completion of this private placement was not conditional upon
completion of the acquisition of CEP. As at March 31, 2012, the
Company has a cash balance of approximately $1.3 million. The Company
intends to seek other opportunities in respect of a potential
qualifying transaction, although there can be no assurance one will be
The common shares of Kaiyue are expected to resume trading on the TSX
Venture Exchange on June 27, 2012 or shortly thereafter.
About Kaiyue International Inc.
Kaiyue is a capital pool company ("CPC") within the meaning of the policies of the Exchange. The Company does
not have any operations and has no assets other than cash. The
Company's business is to identify and evaluate businesses and assets
with a view to completing a "qualifying transaction" under the TSX
Venture Exchange's CPC policies.
Forward Looking Information
This news release contains forward-looking statements. These statements
generally can be identified by use of forward looking word such as
"may", "will", "expect", "estimate", "anticipate", "intends",
"believe", or "continue" or the negative thereof or similar
variations. By their nature, forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future events, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such factors include, among others, risks associated with the
completion of the Company's qualifying transaction and the resumption
of trading in the Company's shares on the Exchange. In addition,
forward-looking statements are based on a number of assumptions which
may prove to be incorrect, including, but not limited to the ability of
the Company to obtain necessary financing to complete the qualifying
transaction or to satisfy the requirements of the Exchange. The
Company cautions that the foregoing list of material factors is not
exhaustive. When considering the Company's forward-looking statements
and information to make decisions, investors and others should
carefully review the foregoing factors and other uncertainties and
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS
SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD LOOKING INFORMATION AND
SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE
COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION
AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
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
SOURCE Kaiyue International Inc.
For further information:
President and Chief Executive Officer