Centiva Capital Inc.
TSX VENTURE : CVC

Centiva Capital Inc.

May 03, 2011 12:07 ET

Centiva Terminates Proposed Acquisition and Reorganization

TORONTO, ONTARIO--(Marketwire - May 3, 2011) - Centiva Capital Inc. (TSX VENTURE:CVC) announced today that it will not proceed with its previously announced acquisition of all of the outstanding shares of Intech LCD Group Limited ("Intech") and subsequent private placement financing and spin-out its existing assets to its shareholders under a corporate reorganization.

The acquisition of Intech, announced on December 13, 2010, was subject to a number of conditions including completion of due diligence by Centiva on Intech. Since the Company's last update press release on January 26, 2011, Centiva has continued to conduct due diligence but will not be able to currently complete the due diligence to its satisfaction in a timely fashion. As a result, Centiva and Intech have mutually agreed to terminate the Share Exchange Agreement dated December 13, 2010.

Private Placement and Corporate Reorganization

Centiva also intended to complete a private placement financing concurrently with the Intech acquisition and to spin-out its existing assets to its shareholders as part of a corporate reorganization. Centiva will not proceed with either the financing or the corporate reorganization at this time.

Included in this news release are matters that constitute "forward-looking" information within the meaning of Canadian securities law. Such forward-looking statements may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may" or words of a similar nature. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include among others, regulatory risks, risk inherent in foreign operations, commodity prices and competition. Most of these factors are outside the control of the Company. All subsequent forward-looking statements attributable to the Company or its agents are expressly qualified in their entirety by these cautionary comments. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the Exchange nor its regulation services provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Centiva Capital Inc.
    John D. Pennal
    President
    (416) 956-4926