Orient Venture Capital II Inc.

December 01, 2009 10:56 ET

Orient Venture Capital II Inc. Announces Loan From Wei Wang

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2009) - Orient Venture Capital II Inc. (the "Company"), a Vancouver based capital pool company listed on the TSX Venture Exchange Inc. (the "Exchange") (TSX VENTURE:OVV.P) announces that Mr. Wei Wang has loaned the Company an amount of CDN$200,000 (the "Loan"), bearing a fixed interest rate at eight percent (8%) per annum, maturing at the earlier of: 1) 12 months from the date of the advance; and 2) at the time of closing of an equity financing within 12 months from the date of the advance where the Company issues shares of its common stock for cash consideration.

The Company intends to use the proceeds of the Loan to finance the expenses and costs related to completion of the Qualifying Transaction announced on October 26, 2009.

Mr. Wei Wang is presently at arm's length to the Company. It is anticipated that Mr. Wei Wang will become a director of the Company upon completion of the Qualifying Transaction, subject to the approval of the Exchange. Mr. Wei Wang will have the option to elect to receive repayment of the Loan and any accrued and unpaid interest in cash or in common shares of the Company at a deemed price of $0.20 per share (approximately 1,000,000 common shares), subject to the approval of the Exchange.

Forward-Looking Information

Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: risks associated with the completion of debt funding, marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.

Neither the TSX Venture Exchange 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.

Contact Information

  • Orient Venture Capital II Inc.
    Ms. Min Kuang
    (604) 689-0618
    (604) 689-0628 (FAX)