MLB Industries Inc.
CNSX : BMP

MLB Industries Inc.

August 30, 2010 18:50 ET

MLB Industries Inc. Announces the Issuance of Unsecured Non-Convertible Debentures

CALGARY, ALBERTA--(Marketwire - Aug. 30, 2010) -

(NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES)

MLB Industries Inc. ("MLB") (CNSX:BMP) is pleased to announce that on August 27, 2010 it has closed the first tranche of an unsecured non-convertible debentures (the "Debentures") offering and raised $100,000. MLB has reserved its right to increase the gross proceeds of the financing and to issue additional Debentures. The Debentures have a two year term and bear an annual interest rate of 10% payable quarterly, in arrears, and are non-convertible. The Debentures are redeemable at the option of MLB at any time during the term of the Debentures upon 14 days prior written notice. Proceeds of this financing will be used to complete the proposed business combination with Etiah H. Enterprises Inc. previously announced on January 8, 2010.

MLB is also pleased to announce that it has entered into an agreement in principle with a consultant to assist MLB with its plan to pursue strategic alternatives with regard to the Clean Ocean Vessel patent and related assets. This initiative is in keeping with the MLB's proposed transaction with Etiah H. Enterprises Inc.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of MLB in any jurisdiction. The securities to be issued pursuant to the financing by MLB have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of MLB as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to the ability of MLB to close on additional funds as contemplated by the proposed business combination whether on the terms as proposed or at all, the ability of MLB to successfully satisfy the conditions precedent to the completion of the proposed transaction with Etiah, risks, uncertainties and other factors that are beyond the control of MLB, risks associated with industry in general, and the uncertainty of estimates and projections of sales, costs and expenses. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although MLB believes that the expectations reflected in the forward-looking statements set out in this News Release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of MLB contained in this News Release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement.

The CNSX has in no way passed upon the merits of the financing and has neither approved nor disapproved the contents of this press release.

Contact Information

  • MLB Industries Inc.
    Mr. Nathan Hansen
    President and Chief Executive Officer
    (250) 683-8957