BURLINGTON, ON, Aug. 14 /CNW/ - Kingsmill Capital Ventures Inc.
("Kingsmill") (KCV.P-TSX VENTURE) wishes to announce that the asset purchase
agreement announced on August 8, 2007 for the acquisition of a portfolio of
life insurance policies from Universal Settlements International Inc. ("USI")
has been mutually terminated.
A preliminary prospectus dated April 30, 2008 had been filed to both
qualify the transaction and to raise capital for the resulting issuer. The
transaction was also intended to be Kingsmill's qualifying transaction under
TSXV Policy 2.4.
As a result of a number of complex issues which arose during the review
process, it was determined, after consultation with legal counsel, USI and
Jones Gable & Company Limited (agent on the prospectus), that there was
insufficient time and resources available to Kingsmill to resolve these issues
and clear the prospectus. In the interests of shareholders, the directors of
Kingsmill decided to terminate the transaction and withdraw the prospectus to
preserve the remaining cash within Kingsmill and ensure sufficient time to
source another qualifying transaction. There are no outstanding loans or
advances between Kingsmill and USI as a result of the termination.
Although this is a disappointing turn of events, Kingsmill continues to
believe that there is enormous potential within the life settlements sector as
has been clearly proven in the United States. The intent of the transaction
with USI was to provide the investment community a transparent regulated
public vehicle in which to participate in the sector.
Kingsmill wishes to thank our shareholders and Jones Gable & Company
Limited for their support throughout the process.
In respect of an alternative qualifying transaction, Kingsmill has
already commenced review of a number of prospects and is optimistic that it
will be able to complete an acquisition in the near future.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release.
For further information:
For further information: David Mitchell, President, (905) 336-9996 ext.