Active Growth Capital Inc.

September 15, 2009 16:46 ET

Active Growth Capital Inc. Announces Settlement of Legal Credit and Resumption of Trading

TORONTO, ONTARIO--(Marketwire - Sept. 15, 2009) - During the year ending December 31, 2008, Active Growth Capital Inc. (TSX VENTURE:ACK.P) (the "Corporation") incurred $159,567 in legal fees. These fees were paid in 2009 to a law firm in which Mr. Sean Zaboroski, a director and corporate secretary of the Corporation, is a partner.

The $159,567 in legal fees was incurred in connection with the Corporation's proposed Qualifying Transaction with Leaders Energy Holding Co., Limited ("Leaders"). Subsequent to the termination of the proposed transaction with Leaders (as disclosed in the Corporation's News Release dated April 3, 2009), the law firm and the Corporation agreed that the $159,567 would be treated as a credit toward subsequent legal services.

The Corporation and the law firm have now agreed that the law firm will return $78,142.05 of the credit amount to the Corporation. The remaining $81,424.95 will be retained by the law firm and the credit will be removed from the Corporations balance sheet. The $78,142.05 will be returned to the Corporation during the final quarter of its 2009 fiscal year.

The Corporation continues to utilize its resources to identify and evaluate opportunities for the acquisition of assets or business(es) with a view to completing a Qualifying Transaction pursuant to TSX Venture Exchange Policies.

As a result of the termination of the agreement with Leaders, the common shares of the Corporation will be reinstated to trade on September 17.

Active Growth is based in Toronto, Ontario and is listed on the TSX Venture Exchange under the trading symbol "ACK.P". Additional information about Active Growth including the Company's annual consolidated financial statements and management discussion and analysis for the year-ended December 31, 2008 are available under the Company's profile at

As at the date hereof Active Growth has 4,750,250 issued and outstanding common shares.

Cautionary Statement

This news release may contain certain forward-looking statements with respect to the Corporation. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Active Growth Capital Inc.'s expectations are various risks detailed from time to time in the filings made by Active Growth Capital Inc. with securities regulations.

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 and accuracy of this release.

Contact Information

  • Active Growth Capital Inc.
    Kenny Wan
    Chief Executive Officer