QUEBEC,
March 28, 2013 /CNW/ - Botaneco Corp.
("Botaneco" or the "Company") (TSX-V: BOT), a leading
natural specialty ingredients company providing key ingredients to
the food and personal care industries is pleased to announce that
it has closed its previously announced disposition of substantially
all of the assets of its wholly-owned subsidiary, Botaneco
Specialty Ingredients Inc. ("BSI") to Concept Capital
Management Ltd. (formerly 1710227 Alberta Ltd.,
("Concept")).
The arm's length disposition was completed
pursuant to the terms of an Asset Purchase Agreement (the
"Agreement") dated effective February
14, 2013 among the Company, Concept and AVAC Ltd.
("AVAC"). The purchased assets are comprised of cosmetic
oleosomes ingredients manufacturing equipment, office equipment,
customer accounts and trade information related to BSI's oleosomes
cosmetic business located in Calgary.
Under the terms of the Agreement, the Company
received cash consideration of $250,000 (subject to final closing adjustments),
$80,000 in respect of priority
payables, and a release from AVAC with respect to a loan agreement
with BSI valued at approximately $4,700,000. The cash consideration of
$250,000 was directed to AVAC
concurrently with the closing.
The Company will now focus on the business,
operations and growth in Natunola Health Inc., a wholly-owned
subsidiary of the Company based in Winchester, Ontario.
About the Company:
For more information regarding Botaneco Corp. please visit
www.botanecocorp.com or www.sedar.com
This press release contains forward-looking
information. More particularly, this press release contains
statements concerning the anticipated focus of the Company.
Although the Company believes in light of the experience of its
officers and directors and other factors that have been considered
appropriate that the expectations reflected in this forward-looking
information are reasonable, undue reliance should not be placed on
them because the Company can give no assurance that they will prove
to be correct. Forward-looking information involves known and
unknown risks, uncertainties, assumptions and other factors that
may cause actual results or events to differ materially from those
anticipated in such forward-looking information. The
forward-looking statements contained in this press release are made
as of the date hereof and the Company undertakes no obligations to
update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities
laws.
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 release.
SOURCE Botaneco Corp.
