CALGARY, ALBERTA--(Marketwire - Dec. 22, 2011) - Maple Leaf Reforestation Inc. (TSX VENTURE:MPE) ("Maple Leaf") would like to announce that effective December 22, 2011, Mr. Alex Cheung has resigned from his positions as a Director and Chief Financial Officer of Maple Leaf in order to focus on running his accounting practice. Subject to approval by the TSX Venture Exchange, Mr. Cheung's departure will be filled with the appointment of Mr. Jeff Kong as a Director and Chief Financial Officer of Maple Leaf. Maple Leaf thanks Mr. Cheung for his commitment to Maple Leaf during his tenure and welcomes Mr. Kong to the Board and to his new role as Maple Leaf's Chief Financial Officer.
Mr. Kong is a Chartered Accountant, having graduated from the University of British Columbia, Sauder School of Business, with an Accounting Major in 2007, and subsequently obtaining his Chartered Accountant designation in 2009. Mr. Kong has gained international educational and business experience from spending a semester of his schooling at Jiao Tong University in Shanghai and from working at Trang Nong in Hanoi, one of Vietnam's largest importers of agricultural products. Mr. Kong was previously a Manager with Enns & Company LLP in Calgary, focusing on completing issuer audits, preparing issuer financial statements, recommending and assisting with the implementation of accounting and reporting strategies and methodologies to maximize the quality and efficiency of financial reporting, and ensuring issuer compliance with Canadian GAAP and IFRS convergence. Since July 2010 Mr. Kong has been operating his accounting practice independently, with a focus on working with clients to implement appropriate accounting procedures, systems and internal controls, as well preparing IFRS compliant financial statements.
In connection with Mr. Kong's appointment to Maple Leaf's board of directors and as its Chief Financial Officer, Mr. Kong is being granted 400,000 incentive stock options, exercisable at a price of $0.125 for a period of three years.
Maple Leaf is also pleased to announce that further to its news release dated November 24th, 2011, it is has received the 100,000 Rmb ($16,500 Cdn) deposit from Inner Mongolia Ordos City Zhungeer Chak Island Co.,Ltd. ("Zhungeer") for the Scots Pine seedling purchase arranged by Maple Leaf's newly appointed Vice President of China Operations, Mr. Fu Jiang Qian.
Raymond Lai, Maple Leaf's President and CEO, is presently in China working on various corporate matters. While in China Mr. Lai will be focused on three main initiatives: (i) securing financing to commence development of a Vancouver-based bio-diesel facility; (ii) meeting with various parties regarding seedling sales orders for its Greenhouse; and (iii) working towards finalizing strategic relationships for Yellowhorn seeds and seedlings and securing off-take purchase agreements for Yellowhorn products secured by Maple Leaf. Mr. Lai's overall goal for his trip is to continue to position Maple Leaf for increased cash flow, shareholder value and market liquidity during 2012.
Mr. Lai comments, "We are committed to expanding our Greenhouse operation, securing a large and high quality source of Yellowhorn seeds and seedlings and securing financing to commence development of a Vancouver-based bio-diesel facility. With several new strategic alliances in place, Maple Leaf feels well positioned to capitalize on the growing Yellowhorn and bio-diesel marketplace. Maple Leaf is also very excited about the involvement of Mr. Qian and the possible seedling purchase orders that he can bring to the company. We have worked diligently to position Maple Leaf for success and we are hopeful that these efforts will result in both operational and market success in 2012."
About Maple Leaf Reforestation Inc.
Maple Leaf is a Canadian company that focuses on the environmental industry with two main operating arms:
- Eco-Agriculture - it operates a large-scale nursery business in Inner Mongolia, China that is focused on growing value-added tree seedlings and nursery products that assist with anti-desertification.
- Renewable Energy - it is undertaking to commence a Yellowhorn seedling and tree operation which would provide valuable Yellowhorn seeds and ultimately oil from such seeds for the manufacture of bio-diesel fuel and premium healthy cooking oil.
Maple Leaf is a wholly-owned foreign enterprise which allows the Company to control 100% of the direction and operations of the company in China while permitting the profits generated from operations in China to flow back to Canada.
For further information regarding Maple Leaf Reforestation Inc., please visit us at www.mlreforestation.com.
Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may" "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Maple Leaf operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward- looking statements" and are based on certain assumptions and analysis made by Maple Leaf. Forward- looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the China's seedling industry; business strategy; expansion and growth of Maple Leaf's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and that may affect Maple Leaf's operations, including, but are not limited to: the impact of general economic conditions; industry conditions; government and regulatory developments; seedling product supply and demand; competition; and Maple Leaf's ability to attract and retain qualified personnel. Maple Leaf's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do transpire or occur, what benefits Maple Leaf will derive there from.
Maple Leaf maintains a forward-looking statement database which is reviewed by management on a regular basis to ensure that no material change has occurred with respect to such forecasts. The Company will publicly disclose such material changes to its forward-looking statements as soon as they are known to management.
Last Close: December 21, 2011 - $0.04
Shares Issued: 80,682,875
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