SOURCE: ML Capital Group Inc.
FOUNTAIN HILLS, AZ--(Marketwired - Oct 18, 2013) - ML Capital Group, Inc. (OTCQB: MLCG) is proud to announce this shareholder update to existing shareholders and new potential shareholders.
As a public company, we have a duty to communicate with our shareholders and the broader investment community as potential new shareholders in our Company. ML Capital Group announced the signing of a letter of intent with Zenetek, LLC -- a mobile apps development firm based in California, to acquire them based upon terms and conditions that were not finalized at that time. Since then, we have conducted considerable due diligence on Zenetek and have gone through lengthy negotiations with them. The final determination of the management and board of ML Capital Group is that we will no longer pursue them as an acquisition or in any extended business relationship. "Based upon the Company's findings, we believe there are deficiencies in their financial information and a lack of certain disclosures that would be expected of any public reporting company, in addition to the fact that we could not agree on final terms for the acquisition," stated Lisa Nelson, the Company's President and CEO.
Mrs. Nelson further stated, "While we were very excited in completing this acquisition and moving forward with a growing mobile apps company, our responsibility to our shareholders and maintaining transparency and good standing as a publicly reporting company is a top priority and we did not want to sacrifice that to complete this transaction. However, we continue to move forward and have a pipeline of projects and new business currently in review, and are excited for what the future holds for MLCapital Group."
The Company is currently evaluating a number of potential client candidates and strategic relationships that would generate significant revenues in the near term if and when those transactions are completed. As these projects develop and become more definitive in nature, the Company will announce additional details in future press releases. In the meantime, if you would like to learn more about ML Capital Group, please feel free to visit the Company's website at www.mlcapitalgroupinc.com.
ML Capital Group's stock is currently traded on the OTC Bulletin Board and OTC Markets where it is qualified to be listed in the QB marketplace as a current reporting company. You can access the Company's stock quote directly from OTC Markets at www.otcmarkets.com/stock/MLCG/quote.
About ML Capital Group, Inc.:
ML Capital Group, Inc.'s primary business consists of providing management, financial and strategic consulting services designed to advance and improve an organization's ability to conduct its business more effectively and to foster sales growth. The Company helps clients to build effective personnel teams, enhance their sales and marketing strategies, streamline their operations and maximize their profitability.
Safe Harbor Statement:
This update includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.