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Gold/Mining/Energy : ACMG - The Alcard Chemicals Group, Inc.
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To: xcentral1 who wrote (43)2/7/2007 9:09:01 PM
From: xcentral1  Read Replies (1) of 52
 
Updated:2007-02-07 09:37:49
Alcar's CEO Provides Clarification on South East Asia Offer
Market Wire
MONTREAL -- (MARKET WIRE) -- 02/07/07 -- Alexander P. Cavasin, CEO of Alcar Chemicals Group Inc. (PINKSHEETS: ACMG), issues an update on the acquisition offer received from the SEA consortium.

"I believe the offer tabled by our future partner warrants immediate clarification of its terms and conditions," stated Dr. Cavasin. "In a nutshell, the presently proposed terms and conditions contained in the offer do represent an acquisition of controlling interests by the consortium at a valuation of US$2.05 per share," further added Dr. Cavasin.

According to the company, this partnership between the consortium and ACMG will require four 1M gal daily ethanol plants to be built and located in Thailand and Malaysia, immediately following the completion of the 1st Canadian plant and the scale up engineering, for which, under this offer, the required financing is being provided by the consortium. Although dilution will be kept at a minimum, the consortium will gain controlling interests of ACMG. In order to move the transaction forward, Dr. Cavasin has placed all of his shares into escrow pending the closing of the proposed offer.

The company states that it is now quickly moving towards completing the LOI, which is expected to be signed on February 15th, at which time all terms and conditions will be released accordingly.
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