MARKHAM, ONTARIO--(Marketwired - Nov. 27, 2015) - 1021916 B.C. Ltd. ("916" or the "Company") wishes to announce that it has notified Servomarin Sdn. Bhd. ("SSB") that the Assignment Agreement (the "Assignment") between the Company and SSB, dated January 9, 2015, has lapsed with no further obligations existing between the parties.
Under the Assignment the Company assumed all of SSB's rights, title and interest in the December 20, 2014 Strategic Cooperation Agreement between SSB and Inspecta International Group and its controlling shareholder Mr. Mahmoud Alshehry, subject to a definitive agreement and the issue of a minimum 10,846,923 common shares from the Company to the shareholders of SSB. The Company has been unable to enter into a definitive agreement, and there has been no issue of shares in accordance with the Assignment. In addition, certain actions taken by SSB have indicated to the Company that SSB considers that the Assignment has lapsed. In accordance with the foregoing the Company has notified SSB that it is treating the Assignment as having been terminated and that no further obligations exist between the parties.
The Company intends to pursue other opportunities to enhance shareholder value.
ON BEHALF OF 1021916 B.C. LTD.
Qiong Hua Du, Director
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law. The Company will provide further updates respecting these initiatives as developments occur. There can be no assurance that interests in any or all of these or additional projects being pursued will be acquired, funded and/or commercialized.
Contact Information:
Mr Yelai Liu
(647) 969-0818