SEL

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES 

Penfold Capital Acquisition IV Corporation (the "Company") (TSX VENTURE:SEL), is
pleased to announce that it has entered into a purchase agreement with 2286121
Ontario Ltd. ("Stardust") (the "Agreement") whereby it has agreed to acquire
certain recycling equipment (the "Equipment") for an aggregate purchase price of
$2,138,375 (the "Purchase Price"). The Purchase Price will be satisfied through
the issuance of 17,819,791 common shares at a deemed price of $0.12 per share. 


The Equipment, which the Company is currently leasing from Stardust, will allow
the Company to achieve its 99.6% waste diversion rate as it processes electronic
waste, separating the metals and plastics and compounding the plastics into a
useable form. The Equipment will provide a complete waste solution for the
Company's customers. 


Mr. Vito Buffone, a director and the President of the Company, is a shareholder
of Stardust. As such, the transaction between the Company and Stardust is deemed
to be a related party transaction pursuant to Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions ("MI 61-101").
The Company will be complying with the provisions of MI 61-101 and will be
seeking approval from the disinterested shareholders of the Company for the
purchase of the Equipment. 


Closing, which is expected to occur in the first quarter of 2014, is conditional
on the receipt of shareholder and regulatory approval. 


About Penfold Capital Acquisition IV Corporation 

The Company, through its wholly owned subsidiary SLM Logistics Corporation, is
dedicated to managing consumer and retail store returns and problematic
electronics through a product management system. The Company manages product
warranties, returns from receiving to end-of-life with quality assurance
testing, factory servicing, resale through non-traditional channels and
recycling of non saleable product to support a closed-loop distribution process.
The Company is able to recycle the non-saleable returns it receives, thereby
allowing customer returns to have a very low environmental impact. Independent
Waste Audit Reports, since 2011, show the Company is able to achieve a
consistent waste diversion rate of over 98.6%. This means brands using the
Company's processes are able to divert over 98.6% of their product from
landfill. The Company is currently working on rolling out this product offering
to retailers to allow them to capture the environmentally conscious consumer.
The Company currently operates only in Ontario. 


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.


Forward looking information is typically identified by words such as: believe,
expect, anticipate, intend, estimate, postulate and similar expressions, or are
those, which, by their nature, refer to future events. The Company cautions
investors that any forward-looking information provided by the Company is not a
guarantee of future results or performance, and that actual results may differ
materially from those in forward looking information as a result of various
factors, including, but not limited to: the state of the financial markets for
the Company's securities; the state of the industry; recent market volatility;
the Company's ability to raise the necessary capital or to be fully able to
implement its business strategies; and other risks and factors that the Company
is unaware of at this time. The Company expressly disclaims any obligation to
update any forward-looking statements except as may be required by law. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Penfold Capital Acquisition IV Corporation
Vito Buffone
Chief Executive Officer
vito.buffone@slm-logistics.com


Penfold Capital Acquisition IV Corporation
Paul Haber
Interim Chief Financial Officer
phaber@blackbirchcap.com

(TSXV:SEL)
Historical Stock Chart
From Jun 2024 to Jul 2024

(TSXV:SEL)
Historical Stock Chart
From Jul 2023 to Jul 2024