TORONTO, Oct. 22 /CNW/ - Corbal Capital Corp. ("Corbal") (TSX-V:RBL.P) is
pleased to provide this Press Release to its shareholders and members of the
public to update shareholders and others with respect to its proposed
"qualifying transaction" with iSign Media Corp. ("iSign").
The only controlling shareholder of iSign (shareholders who control at
least 20% of the voting shares) is Northern Sales Solutions Inc., a private
company owned by Alexander Romanov (91%), the President and a director of
iSign and the proposed Chief Executive Officer and a director of the resulting
issuer following the proposed qualifying transaction,and Andre Urrea (9%).
iSign's unaudited financial statements for the fiscal year ended April
30, 2008 show a net loss of $416,736 and total assets of $247,142, and its
unaudited financial statements for the fiscal year ended April 30, 2007 show a
net loss of $47,342 and total assets of $105,760. iSign's unaudited financial
statements for the three month period ended July 31, 2008 (first quarter of
its current fiscal year) show a net loss of $127,738 and total assets of
Completion of the transaction is subject to a number of conditions,
including but not limited to, the receipt by Corbal of a valuation of iSign
prepared in accordance with the rules of and acceptable to the Exchange which
confirms the $7,250,000 valuation ascribed to iSign, Exchange acceptance and
if applicable pursuant to Exchange requirements, majority of the minority
shareholder approval. Where applicable, the transaction cannot close until the
required shareholder approval is obtained. There can be no assurance that the
transaction will be completed as proposed or at all.
Following the completion of the transactions contemplated hereby, Corbal
will continue to carry on the business of iSign.
Business of iSign Media Corp.
iSign, with operations based out of Vancouver and Toronto, Canada, is an
interactive media technology company that has recently been awarded a patent
with respect to it's proximity instant messaging service. Proximity
Advertising consists of broadcasting advertisements digitally from any
location to a consumer's cell phone via bluetooth technology. There are
presently over 2.5 billion cell phones in the world today.
Investors are cautioned that, except as disclosed in the management
information circular or filing statement to be prepared in connection with the
transaction, any information released or received with respect to the
transaction may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be considered
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. The TSX Venture Exchange Inc. does not
accept responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements that are based
on Corbal's expectations, estimates and projections regarding its business and
the economic environment in which it operates. These statements are not
guarantees of future performance and involve risks and uncertainties that are
difficult to control or predict. Therefore, actual outcomes and results may
differ materially from those expressed in these forward-looking statements and
readers should not place undue reliance on such statements. Statements speak
only as of the date on which they are made, and Corbal undertakes no
obligation to update them publicly to reflect new information or the
occurrence of future events or circumstances.
For further information:
For further information: Mr. John Sickinger, Chief Executive Officer,
Corbal Capital Corp., Tel: (705) 706-2662, firstname.lastname@example.org