Foccini International Inc.

May 29, 2009 09:54 ET

Foccini Enters Negotiations to Sell Austrian Operations

TORONTO, ONTARIO--(Marketwire - May 29, 2009) - Canada - Foccini International Inc. ("Foccini" or the "Company") (TSX VENTURE:FOI) announced today that it has entered into negotiations to sell its 100% stake in its Austrian operating subsidiary, Foccini Trade GmbH (the "FT Sub"). Foccini anticipates entering into an agreement to conditionally sell the FT Sub and intends to submit a resolution in respect of the proposed disposition to its shareholders at its next shareholders meeting on June 29, 2009.

This disposition will fulfill one of conditions required to allow Foccini to exercise its option to purchase all the outstanding shares of Arch Biotech Inc. as previously disclosed in a press release issued May 6, 2009.

Completion of the proposed disposition of the FT Sub is subject to compliance with all necessary regulatory and other approvals and certain other terms and conditions.

Forward-Looking Statements

All statements, other than statements of historical fact, in this news release are forward looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of the Company. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

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 of this release.

Contact Information

  • Foccini International Inc.
    Richard Muruve
    (647) 428 7031