SOURCE: Montague International Holding Ltd.
PHILADELPHIA, PA--(Marketwire - Sep 28, 2012) - MIHL (PINKSHEETS: MIHL) has announced significant progress toward the revamping of its business model.
According to Robert Ringold, Vice President, the company had CE Designation removed by OTC Markets by a successful filing the initial disclosure statement. OTC Markets (previously PINK SHEETS) has resumed real time quoting of the company stock. Furthermore, in order to facilitate better communication with the public, the company website (www.montagueholding.com) has gone live as of September 27, 2012.
Mr. Ringold further confirmed the filing of the Amended Certificate of Incorporation with the State of Oklahoma reducing the Authorized Shares Structure of the company from 20 billion to 5 billion shares. This development, according to Robert, should positively affect investor confidence reassuring them that no dilutions are being planned.
In other developments, MIHL President and Chairwoman, Larisa Saltsova, announced today that Letters of Intent have been signed with SIA BIOIL and SIA KROKUS of Riga Latvia. According to Ms. Saltsova these deals are just the beginning of the expansion planned by the management for MIHL to maximize shareholder values.
The BiOil, owner of Biodiesel refinery in Riga Latvia, had agreed to sell to MIHL 90% of all outstanding shares in the company. The deal is expected to close in 4th Quarter of 2012 and is valued at approximately US$8 million dollars.
MIHL also agreed to purchase 90% of all outstanding shares of KROKUS, owner of several entertainment properties in Riga Latvia. The deal is expected to close in the 4th Quarter of 2012 and is valued at approximately US$25 million dollars.
Ms. Saltsova added, "This is an excellent first step in our expansion into Europe. Latvia is a member of the European Union and has one of the more stable and developed economies in Europe. Latvian currency the LAT trades at approximately US$2 to L1. Latvia is expected to join the Euro sometime in 2014-2015. Working in Latvia opens the entire Baltic Region and the Russian markets to our company. We look forward to welcoming the employees and management of SIA BiOil and SIA KROKUS to our company."
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