Wamco Technology Group Ltd.

September 04, 2009 15:57 ET

Wamco Technology Group Ltd. Withdraws From Proposed Business Transaction

TORONTO, ONTARIO--(Marketwire - Sept. 4, 2009) - Wamco Technology Group Ltd. ("Wamco" or the "Company") advises that it will not be proceeding with the proposed purchase of all the issued and outstanding securities of Xianburg International Data Co. Ltd ("XID") previously announced on December 18, 2006. XID ceased paying the monthly maintenance fee to the Company that had been previously agreed to by the parties, effectively terminating the agreement for a reverse takeover. The proposed transaction is no longer viable and is not being pursued by the Company due to the recent global economy.

The board of directors of the Company has decided to pursue other business ventures and has applied to the BCSC for a partial revocation of the cease trade order currently in effect in order to effectuate a private placement of units of the Company.

Forward Looking Information: This news release contains or refers to forward-looking information. All information other than statements of historical fact that address activities, events or developments that Wamco believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond Wamco's ability to control or predict that may cause actual events or results to differ materially from those discussed in such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Wamco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Wamco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be placed on these forward-looking statements due to the inherent uncertainty therein.

Contact Information

  • Wamco Technology Group Ltd.
    Mr. Stephen Dunn
    Director
    (416) 822-3343