Listing: TSX Venture Exchange, symbol "LDR"
Issued & Outstanding Common Shares: 14,560,918
TORONTO, Aug. 2 /CNW/ - Leader Capital Corp ("Leader" or the "Company")
announced today corrections to statements made in two press releases
previously issued by it on March 28, 2007 and April 5, 2007.
On March 28, 2007, the Company issued a press release announcing that
Leader Resources Inc., a wholly-owned subsidiary of Leader, had advanced a
loan in the amount of CDN $100,000 to Echo Power Generation Inc. ("EPG") on
February 14, 2007. This press release indicated that the loan would bear
interest at the rate of prime plus 2% with a convertible feature at Leader's
discretion into common equity of EPG. A material change report in respect of
this announcement was filed by the Company on SEDAR on March 28, 2007.
However, under the terms of the promissory note issued to Leader by EPG,
no interest will be earned or payable until such time as Leader demands
payment of the promissory note at which time interest will begin to accrue.
The promissory note does not include a conversion feature. The loan from
Leader to EPG is correctly described as follows: The CDN $100,000 advanced to
EPG is evidenced by a non-interest bearing promissory note. In the event that
Leader Capital demands repayment of the note, interest shall accrue from and
after the date of demand at the rate of prime plus 2%.
On April 5, 2007, Leader issued a press release announcing that it had
made an equity investment of U.S. $75,000 in Echo Power International ("EPI")
on March 5, 2007. A material change report in respect of this announcement was
filed by the Company on SEDAR on April 5, 2007.
In fact, this amount represented at March 5, 2007 and remains an advance
to EPI with the expectation that it will be converted into common equity of
EPI in due course on terms to be determined. The advance is unsecured and
non-interest bearing and there are no fixed repayment terms.
LEADER CAPITAL CORP.
Magaly Bianchini, President
Statements in this news release that are not historical facts, including
statements about plans and expectations regarding properties, reserves,
transactions and opportunities, capital resources and future financial results
are forward-looking. Forward-looking statements involve risks and
uncertainties, which may cause the Company's actual results in future periods
to differ materially from those expressed. These uncertainties and risks
include changing gas and commodity prices and currency exchange rates, demand
for gas, lack of success of future exploration and development, competition
and other factors discussed from time to time in the Company's filings with
the Ontario Securities Commission.
Neither the TSX Venture Exchange nor any securities regulatory authority
has approved or disapproved of this news release.
For further information:
For further information: Magaly Bianchini at: Tel. (416) 304-1913