/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 13 /CNW/ - YORK RIDGE LIFETECH INC. (TSXV: YRL.P) (the "Corporation") announced today that it was not able to complete its proposed qualifying transaction with Acadian Energy Holdings Inc. within the time period, as extended, pursuant to the policies of the TSX Venture Exchange Inc.
The parties are continuing to work towards satisfaction of the closing conditions and completion of the transaction. Upon completion, the Corporation will apply for listing and resumption of trading in its securities on the TSX Venture Exchange Inc.
On February 26, 2010, the Corporation held an annual and special meeting at which time the shareholders of the Corporation passed a resolution approving the migration of the Corporation to NEX and the cancellation of one-half of the seed shares held by non arm's length parties in the event the Corporation did not complete its qualifying transaction within the time period prescribed by the Exchange Policy.
As a result of its inability to complete a qualifying transaction within the required time period, the Corporation cancelled 800,000 seed shares issued at an amount of less than $0.20 and will transfer the listing of its shares to NEX effective Tuesday, August 17, 2010. Trading in the shares of the Corporation will remain suspended pending completion of its qualifying transaction or its termination.
The Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The Exchange has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE YORK RIDGE LIFETECH
For further information: For further information: Mark Lawrence, President, Chief Executive Officer and Secretary, York Ridge Lifetech Inc., E-mail: firstname.lastname@example.org, Tel: (416) 707-6630