VANCOUVER, Aug. 17, 2012 /CNW/ - Polo Biology Global Group Corporation (the "Company") (TSXV-PGG) announced today that at its annual and special meeting of shareholders held today, shareholders unanimously approved the proposed sale of its active business (see the Company's July 24 and June 6, 2012 news releases for further details), and the proposed consolidation of capital on a 1:10 ratio. Subject to Exchange acceptance, the Company will move forward with the sale which is expected to be completed by the end of September, pursuant to a definitive agreement between the Company and the purchaser which was recently executed by the parties. Management also expects to proceed with the consolidation of capital to occur in due course, subject to Exchange acceptance.
All other management proposed items of business at the shareholder meeting were approved including the election of Dr. Jeff Yenyou Zheng, John Morita, Xaio Qin (Mary) Ma, Hong Ridley and Dr. Yin Li as directors of the Company, and the re-appointment of Manning Elliott LLP, Chartered Accountants, as auditors of the Company.
This news release contains "forward-looking statements". Forward-looking statements include, but are not limited to, statements with respect to the plans for completion of the disposition of all or substantially all of the Company's undertaking, future plans and objectives of the Company, estimation of profitability, the timing and content of upcoming business plans, capital expenditures, success of business operations, risks, and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, delays in obtaining regulatory approvals on acceptable terms; delays in obtaining shareholder approval; risks related to international operations; actual results of planned expansion activities; changes in project parameters as plans continue to be refined; future prices of supplies and market prices for products; exchange rates for Canadian, Chinese and any other currencies material to the Company's businesses; accidents, labour disputes and other risks of the industries that the Company is currently operating in; delays in obtaining governmental approvals or financings or in the completion of development activities; Chinese government policies impacting the Company's businesses; general economic, market or business conditions. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements or information made in this news release, except as required under applicable securities legislation.
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 News Release.
SOURCE: Polo Biology Global Group Corporation
For further information:
Jeff Zheng, President
Polo Biology Global Group Corporation