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Buyer Group International, Inc. To Release Package of Supplemental Information Containing Information from Its Conduit Lender with Acknowledgment Identifying Cash Backed Assets from Capital Source
Buyer Group International, Inc. To Release Package of Supplemental Information Containing Information from Its Conduit Lender with Acknowledgment Identifying Cash Backed Assets from Capital Source.
About this update from Buyer Group International, Inc.
[{"type":"text","content":"Buyer Group International, Inc. To Release Package\nof Supplemental Information Containing Information from Its Conduit Lender with\nAcknowledgment Identifying Cash Backed Assets from Capital Source June 4, 2013 ? Austin, TX Buyer Group International, Inc.\n(BYRG.PK) the (?Company?) updated its disclosures on May 6, 2013 that it had received\nexecuted Deed of Agreement and identified cash backed assets from a funding\nsource with financial capability to supply capital to induce development of\nsome of its large scale projects, namely Feldspar in Arizona and a newly\nacquired Bentonite Project in South Texas (details to subsequently be\nreleased). In a recent phone interview, CEO David Bryant was quoted as\nsaying, ?BYRG will be uploading to OTC a Supplemental Information package containing\nredacted financial information that outlines basic details by which the company\nhas received acknowledgement from its lender, who is structuring a financing\nfacility in excess of $120 million utilizing a conduit composed of a third\nparty intermediary and capital source at a major bank. Due to Compliance and Confidentiality\nreasons, we cannot disclose the third party intermediary as we are at a crucial\nstage in the financing of the conduit. As\nprovided by our conduit lender, the capital source as noted in the package, indicates\nthat cash backed assets in excess of $120 million have been acknowledged by intra-bank\nsystem ratifying a Non-Operative financial instrument inside a top 25 global\nbank. Our transaction as proposed is\nsubject to our Lenders executed Deed of Agreement with the intermediary and capital\nsource. We anticipate a final\nverification of paperwork and documents that will indicate the conduit being\nstructured and being funded by the capital source with activation of an operative\ninstrument and the bank?s subsequent responsibilities after receiving final instruction\nto schedule payment disbursement (via ICBPO) from the third party intermediary\ngroup.? Mr. Bryant further stated, ?As we near the final stages we will\ndo our best to keep our shareholders informed while maintaining the strictest\ncompliance and confidentiality that is required under the Bank Secrecy Act and Trade\nSecrets Act among other rules and regulations. As trite as they may seem, overall,\nit?s to the healt...