/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 completed.
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 potential events.
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 LAWS.
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:
President and Chief Executive Officer