MONTREAL, July 26, 2012 /CNW Telbec/ - Bitumen Capital Inc. (TSXV: BTM.H) ("Bitumen") a capital pool company listed on the TSX Venture Exchange's NEX board (the "Exchange") announces that the letter of intent dated March 16, 2012 with the CVD Group, previously announced on April 2, 2012, has terminated in accordance with its terms.
Bitumen's board of directors have determined that they could not proceed with the transaction as structured and that it is in its best interests to resume the process of identifying and evaluating businesses and assets with a view to completing its potential qualifying transaction.
Bitumen's common shares are expected to resume trading on the Exchange on or about July 31st, 2012.
Neither 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.
SOURCE: BITUMEN CAPITAL INC.
For further information:
Richard T. Groome
Chief Executive Officer
Bitumen Capital Inc.
Tel: 514-907-4989 ext 774
Email: [email protected]