Foccini Enters Negotiations to Sell Austrian Operations
29 May 2009 - 11:54PM
Marketwired
Canada - Foccini International Inc. ("Foccini" or the "Company")
(TSX VENTURE: FOI) announced today that it has entered into
negotiations to sell its 100% stake in its Austrian operating
subsidiary, Foccini Trade GmbH (the "FT Sub"). Foccini anticipates
entering into an agreement to conditionally sell the FT Sub and
intends to submit a resolution in respect of the proposed
disposition to its shareholders at its next shareholders meeting on
June 29, 2009.
This disposition will fulfill one of conditions required to
allow Foccini to exercise its option to purchase all the
outstanding shares of Arch Biotech Inc. as previously disclosed in
a press release issued May 6, 2009.
Completion of the proposed disposition of the FT Sub is subject
to compliance with all necessary regulatory and other approvals and
certain other terms and conditions.
Forward-Looking Statements
All statements, other than statements of historical fact, in
this news release are forward looking statements that involve
various risks and uncertainties, including, without limitation,
statements regarding the future plans and objectives of the
Company. There can be no assurance that such statements will prove
to be accurate. Actual results and future events could differ
materially from those anticipated in such statements. These and all
subsequent written and oral forward-looking statements are based on
the estimates and opinions of management on the dates they are made
and are expressly qualified in their entirety by this notice. The
Company assumes no obligation to update forward-looking statements
should circumstances or management's estimates or opinions
change.
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 of this
release.
Contacts: Foccini International Inc. Richard Muruve Director
(647) 428 7031
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