TORONTO, Dec. 21 /CNW/ - Trinorth Capital Inc. (TSXV:TRT) ("Trinorth") announces that it has been advised that Nyah Resources (TSXV:NRU) ("Nyah") has decided not to proceed with the proposed reverse take-over (the "Transaction") of Russo-Forest Corporation ("Russo-Forest"), a portfolio holding of Trinorth.
Pursuant to the share exchange agreement between Nyah and Russo-Forest, Nyah has notified Russo that is has exercised its right to terminate the share exchange agreement as the proposed transactions were not completed prior to October 31, 2009. The Board of Directors of Nyah is considering the available options to recover the $500,000 payment owed to it by Russo-Forest pursuant to the share exchange agreement that relates to the inability to complete the transaction prior by October 31, 2009.
Russo-Forest is evaluating its alternatives in light of this development.
TriNorth is a Canadian-based investment company that invests in a diversified portfolio of companies to generate long-term capital growth for shareholders. TriNorth takes an active interest in its investee companies from the earliest stages, providing strategic and financial counsel, support and direction to assist in their growth and success. TriNorth's investment strategy includes structuring and initiating deals focused on particular resources, themes or regions as well as launching the development of businesses in select industries by providing assistance with the hiring of management teams, providing seed capital and facilitating IPOs. All investment activities of TriNorth are managed by Lawrence Asset Management Inc, a leading Canadian alternative investment asset manager.
Amar Bhalla is a director of Nyah, currently holds 1,000,000 common shares of Nyah and is also a director of Trinorth and has control or direction over 850,000 common shares and 338,914 options of Trinorth.
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the stated use of proceeds; plan of operations and comparative advantages; and benefits of this investment. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, regulatory risks, risks inherent in foreign operations, commodity prices, competition, and investments having no history of operations. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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 release.
SOURCE TriNorth Capital Inc.
For further information: For further information: (416) 362-6283, Catherine Stretch, Lawrence Asset Management Inc., Toronto, Canada, firstname.lastname@example.org, www.trinorthcapital.com