Business
VRB Power Obtains Court Order for Sale of Assets
RICHMOND, BC, Jan. 20 /CNW/ - VRB Power Systems Inc. ("VRB Power") (TSX-V: VRB) announces that it...
About this update from Novo Resources Corp.
[{"type":"text","content":"\n\n\n\nRICHMOND, BC, Jan. 20 /CNW/ - VRB Power Systems Inc. ("VRB Power")\n(TSX-V: VRB) announces that it has received approval from the British Columbia\nSupreme Court to proceed with the sale of its assets pursuant to the\ncompletion of an Asset Purchase Agreement ("APA") dated December 23, 2008 with\nJD Holdings Inc., the parent company of Prudent Energy, based in Beijing,\nChina.\n\n\nUnder the terms of the APA, JD Holdings Inc. has agreed to purchase\nsubstantially all of VRB Power's intellectual property rights (patents,\ntrademarks and know-how), plant equipment and certain inventory items for\n$2,000,000 USD. An additional $125,000 USD will be allocated to clean up costs\nfor VRB Power's Richmond British Columbia facility. A $600,000 USD\nnon-refundable deposit has been received from JD Holdings Inc. and is\ncurrently being held in trust by Abakhan & Associates Inc., Interim Receiver\nof the company.\n\n\nA court order was obtained from the British Columbia Supreme Court on\nJanuary 19, 2009 which approves the sale with effect on January 28, 2009\n("Approval Date"). Any shareholder of VRB Power is entitled under the order to\napply to the Court on one clear days' notice to the Interim Receiver to set\naside or vary the order prior to January 28, 2009.\n\n\nProceeds from the sale of the assets, which is expected to be completed\none day following the Approval Date, will be applied to settle outstanding\ncreditors and other corporate liabilities of VRB Power.\n\n\nCaution regarding forward-looking statements: VRB Power's press releases\nmay contain forward-looking statements. These statements are based on\nmanagement's current expectations and beliefs which are subject to a number of\nknown and unknown risks and uncertainties that could cause actual results to\ndiffer materially from those expressed or implied in our forward-looking\nstatements. The Company does not assume any obligation to update any\nforward-looking statements contained in this press release.\n\n\nPhilip McCourt\nAbakhan & Associates Inc.\n\n\n%SEDAR: 00005550E\n\n\n","length":2190,"tagName":"div"}]