Chudleigh Ventures Inc.

March 30, 2010 17:29 ET

Chudleigh Ventures Inc. Announces Receipt of Exchange Conditional Approval for Its Qualifying Transaction

TORONTO, ONTARIO--(Marketwire - March 30, 2010) - Chudleigh Ventures Inc. ("Chudleigh") (TSX VENTURE:CLV.P), a Capital Pool Company, is pleased to announce that it has received conditional approval from the TSX Venture Exchange (the "Exchange") for its Qualifying Transaction ("QT") involving the acquisition of all of the issued and outstanding securities of Sweet Diabetic Delight Foods Inc., doing business as Xylitol Canada. After completion of the QT, Chudleigh will be renamed Xylitol Canada Inc.

Xylitol Canada's goal is to become a North American-based, low cost, high quality manufacturer of food and pharmaceutical-grade xylitol from readily available environmentally-sustainable biomass. Xylitol is an all natural sweetener, which contains 40% less calories than sugar. Xylitol is found in many consumer retail products, including gums, toothpaste and mints.

Since early 2008, Xylitol Canada has conducted a research and development program pursuant to a joint venture agreement with SunOpta BioProcess Inc., a subsidiary of SunOpta Inc. (TSX:SOY)(NASDAQ:STKL), focusing on the design, construction and optimization of biomass conversion equipment, processes and facilities for the cost effective production of high end xylitol from xylose enriched raw materials. Xylitol Canada's immediate objective is to construct a pilot plant capable of producing up to 250 metric tons of xylitol per year in order to validate this process on a commercial scale.

Closing and final acceptance of the QT is subject to the satisfaction of certain conditions, including fulfilling of all remaining filing requirements under the Exchange's policies and the completion of the concurrent private placement for minimum gross proceeds of $4.4 million (the "Offering"). The use of proceeds from the Offering will be used to fund pilot plant expenditures to test the validity of commercial scale production of xylitol using the process developed under the Joint Venture. A Filing Statement concerning the QT is available at under Chudleigh's profile.

Closing of the QT is scheduled to occur on or about April 12, 2010.

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

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