Kyto BioPharma Inc. Announces Letter of Intent to Acquire Barbados Sea Island Cotton Inc.
23 July 2013 - 12:05AM
Marketwired
Kyto BioPharma Inc. ("Kyto") (OTCQB: KBPH) is pleased to announce
that it has entered into a Letter of Intent to acquire all of the
outstanding common shares of Barbados Sea Island Cotton Inc.
("BSC") through the issuance of 10 million common shares of Kyto to
the shareholders of BSC and BSC satisfying Kyto's outstanding debt
on closing. BSC, through political relationships, industry
experience and proprietary investments in the Island of Barbados,
has secured the rights to manage the production process through a
vertical integration plan encompassing all aspects of growing,
harvesting, ginning, spinning, knitting, assembling and selling
premier "Genuine Certified West Indian Sea Island Cotton" finished
goods.
Barbados Sea Island Cotton is accepted as the
finest cotton bar none. It currently represents only one
ten-thousandth of a percent of the $32 BN USD annual market and
thus carries a premium. BSC has plans in place to increase
production and market the finest cotton products globally through
its own brand to existing buyers.
Closing of the transaction is subject to due diligence,
finalizing a private placement of Convertible Debentures of BSC for
a minimum of US$1,000,000 and a maximum of US$1,500,000 and BSC
completing its financial statements. Closing is anticipated to
occur on or before September 30, 2013.
There are currently 12,998,482 common shares of Kyto issued and
outstanding. Upon completion of the business combination and the
issuance of 10,000,000 common shares to the shareholders of BSC,
Kyto will have 22,998,482 common shares issued and outstanding.
In conjunction with closing the business combination, all of the
directors and officers of Kyto will resign and will be replaced by
nominees of BSC. The officers of BSC at closing of the share
exchange will be as follows:
Name Position(s)
--------------- ------------------------------------------------
Jonathan Bryant President & Chief Operating Officer and Director
Conrad Wall Vice President Marketing and Sales
Jonathan Bryant Founder, CEO, CFO and
Chairman of the Board. He has worked with leading International
Healthcare and Telecommunications Companies and has run projects
with Governments in Europe and the Caribbean. He has extensive
experience of project management and has a published medical
research background as well as corporate experience at management
level.
Conrad Wall Leading Brand development
professional with 15 years experience of Global Brand Management.
Conrad Wall will run the projects marketing and branding efforts
including the online presence. Conrad has significant contacts and
reach in Asia one of the key target areas.
Forward-looking Statements Note: This
press release contains "forward looking statements" as defined in
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on currently available
competitive, financial and economic data and management's views and
assumptions regarding future events. Such forward-looking
statements are inherently uncertain. Kyto BioPharma Inc. cannot
provide assurances that the matters described in this press release
will be successfully completed or that the company will realize the
anticipated benefits of any transaction. Actual results may differ
materially from those projected as a result of certain risks and
uncertainties, including but not limited to: global economic and
market conditions; the war on terrorism and the potential for war
or other hostilities in other parts of the world; the availability
of financing and lines of credit; successful integration of
acquired or merged businesses; changes in interest rates;
management's ability to forecast revenues and control expenses,
especially on a quarterly basis; unexpected decline in revenues
without a corresponding and timely slowdown in expense growth; the
company's ability to retain key management and employees; intense
competition and the company's ability to meet demand at competitive
prices and to continue to introduce new products and new versions
of existing products that keep pace with technological
developments, satisfy increasingly sophisticated customer
requirements and achieve market acceptance; relationships with
significant suppliers and customers; as well as other risks and
uncertainties, including but not limited to those detailed from
time to time in Kyto BioPharma Inc. SEC filings. Kyto BioPharma
Inc. undertakes no obligation to update information contained in
this release. For further information regarding risks and
uncertainties associated with Kyto BioPharma Inc.'s business,
please refer to the risks and uncertainties detailed from time to
time in Kyto BioPharma Inc.'s SEC filings.
This release does not constitute an offer for sale of
securities.
For further information please contact Kyto BioPharma
Inc. Mr. Georges Benarroch President and Chief Executive
Officer (33) 06-07-40-87-06 gbh@comindusfinance.com Barbados Sea
Island Cotton Inc. Mr. Jonathan Bryant President and Chief
Executive Officer (44) (0) 79 06 69 65 07
Investors@sea-island-cotton-of-barbados.net
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