Asia Packaging Group Inc.

March 14, 2013 20:31 ET

Asia Packaging Updates on Acquisition of Yuanxing Package China

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2013) - Asia Packaging Group Inc. (TSX VENTURE:APX) (the "Company") is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (the "Exchange") for the acquisition (the "Acquisition") of all of the issued and outstanding share capital of Jiayuan Investment Limited. ("Jiayuan") as previously announced on November 28, 2012. Jiayuan is a BVI holding company that owns all of the issued and outstanding share capital of Yuanxing Holding (Hong Kong) Ltd., which owns all of the issued and outstanding share capital of Yuanxing Package (China) Co., Ltd.

The final acceptance of the Exchange for the Acquisition is subject to, among other things:

  • Receipt of satisfactory final documentation (including final sponsor report);
  • Shareholders' approval of the Acquisition by way of consent, with Mr. Wenge Hong abstaining;
  • Filing of satisfactory disclosure documents (including satisfactory financial statements) on SEDAR; and
  • Completion of background search for one of the directors.

The Company anticipates that it will be filing a Filing Statement as the disclosure document for the Acquisition on SEDAR in a few days. In the meantime, the Company will also make request to the Exchange for resumption of trading of its shares on the Exchange.

The Company also announces the postponement of its annual general meeting from March 15, 2013 to April 26, 2013.

About Asia Packaging Group Inc.

Asia Packaging Group, through its wholly-owned subsidiaries in the People's Republic of China ("PRC"), is in the business of manufacturing packaging products and services to the food and pharmaceutical industries in China. The Company operates a 38,000 square meter plant located in Yichun City, Jiangxi Province in PRC.

This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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