SOURCE: Tapistron International Inc.

June 01, 2006 09:29 ET

Tapistron Signs Letter of Intent to Acquire AmeriCanada Assets Management Corp. and Reports on Special Shareholders Meeting

TORONTO -- (MARKET WIRE) -- June 1, 2006 -- Tapistron International Inc. (PINKSHEETS: TAPI) announced today that it has signed a letter of intent to acquire 100% of the outstanding shares of AmeriCanada Assets Management Corp. as well as provided details to the special shareholders meeting held in Toronto on May 30, 2006.

According to the letter of intent, TAPI will undertake a reverse stock split of 1 for 1,000 and will issue a total of 50,000,000 restricted common shares post reverse split to the shareholders of AmeriCanada Assets Management Corp. and TAPI will change its name to AmeriCanada Assets Management Corp. The transaction will result in the company to have a total of approximately 70,000,000 shares issued and outstanding.

The company reports that a special shareholders meeting was held in Toronto on May 30, 2006 whereby shareholders have approved the reverse stock split of 1 for 1000, the change of transfer agent to Select American Transfer and the general terms of the letter of intent with the AmeriCanada Assets Management Corp.

The companies expect to enter into a definitive acquisition agreement on or before June 6, 2006.

Important Information About Forward-Looking Statements

All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.

A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.

Contact Information

  • Contact:
    Tapistron International Inc
    Paul Reynolds
    Tel. 416-854-8965

    AmeriCanada Asset Management Corp
    Homer Pateridis
    Investor Relations Consultant
    Tel. 514-952-5251