JM Capital Corp.

JM Capital Corp.

May 07, 2008 13:57 ET

JM Capital Corp.: Terminates Letter of Intent to Acquire Tekion, Inc.

TORONTO, ONTARIO--(Marketwire - May 7, 2008) - JM Capital Corp. (the "Corporation"), (TSX VENTURE:JMC.P) a capital pool company, announced today the termination of the letter of intent dated November 13, 2007, as amended (the "Agreement"), pursuant to which the Corporation had conditionally agreed to acquire all of the issued and outstanding securities of Tekion, Inc. ("Tekion") as its qualifying transaction. Although the Corporation filed a Filing Statement dated February 28, 2008 on Sedar concerning the Agreement with Tekion, the Agreement was ultimately terminated by the Corporation because a definitive acquisition agreement had not been signed and the financing by Tekion had not been completed as required under the Agreement. Accordingly, the Corporation has decided not to renew or extend the Agreement any further.

The Corporation has requested repayment of the demand loan dated December 19, 2007 with Tekion in the amount of $3,975.00, which was provided to Tekion for 50% of the initial TSX Venture Exchange filing fees for the qualifying transaction.

The Corporation will resume its process of identifying and evaluating businesses and assets with a view to completing a potential qualifying transaction.

It is expected that trading will resume in the common shares of the Corporation on the TSX Venture Exchange on Friday May 9, 2008.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • JM Capital Corp.
    Jay Freeman
    President and Chief Executive Officer
    (416) 972-6197