OTTAWA, ONTARIO--(Marketwire - Aug. 17, 2012) - Axia Group (PINKSHEETS:AGIJ) is pleased to provide the following update
- Further to the news release of Aug 16 2012 a Korean private entity in the skin care and similar cosmetics industry has made an appealing and an attractive unsolicited offer for the majority control block of AGIJ.
- An escrow agent has been located and documents forwarded for execution and the agreement is no longer an LOI in principle but a firm offer.
- The transaction is scheduled to close within the next 7 to 10 business days however can occur without further notice at any point.
- A separate news announcement will be made once the deal is finalized.
- Both the Korean in coming merger company and the current AGIJ management are of the opinion that AGIJ current share price valuation does not accurately reflect the company's true value. The "control block" of shares for the of AGIJ is being tendered at a far greater share price valuation than what AGIJ is currently trading at. The management is not qualified to express an opinion as to the implications or impact this sale of the control block will have on the common stock currently in the streets name.
- This is a complex transaction involving a USA based and a Koren group that are non related in an asset purchase and sale and a merger transaction. This complex deal is to be completed partly in cash and stock.
- Collagena and its Directors will become a minority shareholders (stock not being sold held back by Directors).
- The Korean merger/buy out will leave the current share structure unchanged and undisturbed for the foreseeable future.
- A separate filing and news announcement will follow identifying the Korean - USA merger company.
- AGIJ expects to starts adding the Korean group to our management board shortly.
More updates forthcoming shortly.
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Information in this news release may contain statements about future expectations, plans, prospects or performance of Axia Group Inc., that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project" and similar words and phrases are intended to identify such forward-looking statements. Axia Group Inc. cautions you that any forward-looking information provided by or on behalf of Axia Group Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Axia Group Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Axia Group Inc.'s control. In addition to those discussed in Axia Group Inc.'s press releases, public filings, and statements by Axia Group Inc.'s management, including, but not limited to, Axia Group Inc.'s estimate of the sufficiency of its existing capital resources, Axia Group Inc.'s ability to raise additional capital to fund future operations, Axia Group Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Axia Group Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Axia Group Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.