Trading Symbol: TSX-V: AHL
VANCOUVER, Aug. 7 /CNW Telbec/ - Ameriplas Holdings Ltd. ("Ameriplas" or the "Company") (TSXV : AHL) announces that it will not proceed with a Special Resolution with respect to a proposal to purchase the Company's operating subsidiary, Ameriplas International Inc. The Company included the Special Resolution in the Information Circular with respect to the Annual General and Special Meeting to be held by the Company on August 8, 2008 (see www.SEDAR.com ).
The Company has received an offer from a management group, including directors of the Company, to purchase the operating subsidiary, Ameriplas International, Inc. To achieve success as a public company it was the intent of Ameriplas to expand its operations through the acquisition of other companies in a similar business. The financial performance of the Company, including cumulative net losses, has made investment capital difficult to attract and curtailed the Company's ambition to acquire other companies. The management group proposes to purchase all the assets of the subsidiary for consideration of the assumption of all the liabilities of the Company and its subsidiary, which is anticipated to be in the range of $2 million. The Company's board of directors and management intend to seek an alternative business opportunity for the shareholders.
A valuation and fairness opinion, to be prepared by an independent valuator, with respect to the proposed transaction has not been completed. Management has therefore concluded that there is insufficient information available to shareholders with respect to the proposed transaction and Special Resolution. It is management's intent to commission the independent valuation and fairness opinion and seek approval from the TSX Venture Exchange to proceed with the transaction at a later date.
AMERIPLAS OPERATIONS
Ameriplas has been in the business of manufacturing plastic preforms for the Canadian and U.S. water and soft drinks bottling industry since December 1999. Preforms are sold to beverage companies that heat and blow them into the form of bottles used for their beverages. PET preforms are used industry wide in the production of plastic beverage containers to avoid the costs and difficulties of shipping bulky plastic bottles. A primary use of these bottles is for bottled water, which is the fastest growing segment of the beverage industry. Other uses include soft drinks, sports drinks and beer.
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%SEDAR: 00020146E