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ASB Capital receives court order for damages award

2014-08-29 12:01 ET - News Release

Mr. Matthew Kavanagh reports

ASB CAPITAL OBTAINS COURT ORDER AWARDING DAMAGES AND THE TRANSFER OF SHARES FROM TANG & ANNOUNCES TRANSFER TO NEX AND CANCELLATION OF CERTAIN SEED SHARES

On Aug. 25, 2014, ASB Capital Inc. obtained an order from the Supreme Court of British Columbia that Terry Bingfeng Tang, the company's previous president, chief executive officer and director, pay to ASB the sum of $265,607, being the amount of unauthorized funds wrongfully misappropriated by Mr. Tang, together with consequential damages in the amount of $40,000 and additional costs fixed by the court at $15,000. In addition, the court varied the Mareva injunction the company previously obtained over certain of Mr. Tang's assets to permit the transfer of 1.38 million common shares of the company previously held by Mr. Tang and his holding company, which shares were deemed to have a total value of $5,550, to be transferred to the company. The transfer of these shares to the company has now been completed, and 825,000 shares have been cancelled (see the following). The remaining 555,000 shares registered to ASB Capital continue to be held in escrow pursuant to TSX-V Policy 2.4, Capital Pool Companies.

Pursuant to the CPC policy, as ASB Capital did not complete its qualifying transaction (as defined in the CPC policy) by July 23, 2014, it was required to obtain the approval of its shareholders for the transfer of its listing to the NEX, which approval was received at the company's annual and special meeting of shareholders held on July 16, 2014. At the same meeting, the company also received approval to cancel a total of 950,000 seed shares (as defined by the exchange) held by certain non-arm's-length parties to the company, all of which seed shares have now been cancelled (825,000 seed shares of which were registered in the name of ASB Capital, as set out above).

The company applied for a transfer to NEX and reinstatement to trading, and the exchange has advised that the applications have been accepted and an exchange bulletin will be issued soon after the dissemination of this news release. The company's listing will be transferred to NEX and the trading symbol for the company will change from ASB.P to ASB.H.

The directors are continuing to seek an acceptable qualifying transaction as they review the company's options.

We seek Safe Harbor.

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