Ameriplas will not proceed with Special Resolution

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[{"type":"text","content":"\n\n\n\nTrading Symbol: TSX-V: AHL\n\n\nVANCOUVER, Aug. 7 /CNW Telbec/ - Ameriplas Holdings Ltd. ("Ameriplas" or\nthe "Company") (TSXV : AHL) announces that it will not proceed with a Special\nResolution with respect to a proposal to purchase the Company's operating\nsubsidiary, Ameriplas International Inc. The Company included the Special\nResolution in the Information Circular with respect to the Annual General and\nSpecial Meeting to be held by the Company on August 8, 2008 (see\nwww.SEDAR.com ).\n\n\nThe Company has received an offer from a management group, including\ndirectors of the Company, to purchase the operating subsidiary, Ameriplas\nInternational, Inc. To achieve success as a public company it was the intent\nof Ameriplas to expand its operations through the acquisition of other\ncompanies in a similar business. The financial performance of the Company,\nincluding cumulative net losses, has made investment capital difficult to\nattract and curtailed the Company's ambition to acquire other companies. The\nmanagement group proposes to purchase all the assets of the subsidiary for\nconsideration of the assumption of all the liabilities of the Company and its\nsubsidiary, which is anticipated to be in the range of $2 million. The\nCompany's board of directors and management intend to seek an alternative\nbusiness opportunity for the shareholders.\n\n\nA valuation and fairness opinion, to be prepared by an independent\nvaluator, with respect to the proposed transaction has not been completed.\nManagement has therefore concluded that there is insufficient information\navailable to shareholders with respect to the proposed transaction and Special\nResolution. It is management's intent to commission the independent valuation\nand fairness opinion and seek approval from the TSX Venture Exchange to\nproceed with the transaction at a later date.\n\n\nAMERIPLAS OPERATIONS\n\n\nAmeriplas has been in the business of manufacturing plastic preforms for\nthe Canadian and U.S. water and soft drinks bottling industry since December\n1999. Preforms are sold to beverage companies that heat and blow them into the\nform of bottles used for their beverages. PET preforms are used industry wide\nin the production of plastic beverage containers to avoid the costs and\ndifficulties of shipping bulky plastic bottles. A prim...

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