This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Adcore cancels 2008 QT that would take too long 2009-07-02 19:56 ET - News Release Mr.
Paul Cox
reports
ADCORE CAPITAL INC. ANNOUNCES TERMINATION OF LETTER OF INTENT
Adcore Capital Inc. has terminated its letter of intent and the transaction contemplated thereby. It was announced on May 9, 2008, as reported in Stockwatch.
On May 9, 2008, as reported in Stockwatch, Adcore Capital announced that it had signed a letter of intent with two private entities. Adcore Capital announced that it expected the transaction contemplated under the letter of intent to constitute Adcore Capital's qualifying transaction under TSX Venture Exchange Policy 2.4 capital pool companies.
Adcore Capital's management has determined that the transaction would take longer to close than it had previously anticipated and that the resulting issuer would require more financing upon the closing of the transaction that had been expected. Furthermore, Adcore Capital's management has determined that the high level of financing required for the transaction is not desirable and possibly not attainable on reasonable terms at this time given current economic challenges. For these reasons, Adcore Capital's management determined that the transaction was not in the best interests of the company and terminated the letter of intent. Adcore Capital does not intend to proceed with the transaction.
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