Mar. 21, 2011 (Canada NewsWire Group) --
(TSX-V: MPE)
Last Close: March 18, 2011 - $0.105
Shares Issued: 80,682,875
CALGARY, March 21 /CNW/ - Maple Leaf Reforestation Inc. ("Maple Leaf" or the "Corporation") would like to provide the following corporate update:
Management Trip to China
Maple Leaf's President & C.E.O., Mr. Raymond Lai, will be spending approximately 2-3 weeks in China at the end of March and beginning of April. Mr. Lai's trip will be focused on the following:
-
Waste Management Project - Mr. Lai will be travelling with Mr. Carl Lacey of Lacey & Associates
("Lacey") to visit with government officials of several cities in Inner
Mongolia and Guangdong regarding commencement of a municipal solid
waste ("MSW") operation (see news release dated December 13, 2010).
Mr. Lai and Lacey will also be meeting with the two MSW technology
providers that they have chosen so as to introduce these technologies
to the necessary government officials. Maple Leaf and Lacey are
hopeful that these meetings will produce a Letter of Intent with one
city, setting out the timing and general terms of advancing preliminary
work on the MSW operation. Lacey has secured the necessary financing
to move forward with setting up a MSW operation in one city, subject to
a final agreement with such a city being secured.
-
Greenhouse Expansion - Mr. Lai will be meeting with officials from the Inner Mongolian
Forestry Department to execute the formal documentation relating to its
greenhouse expansion and the 5 year, 100 million seedling sales
contract entered with the forestry department (see news release dated
February 22, 2011). Maple Leaf anticipates that it will be in a
position to begin operations at the new greenhouse facility in Spring
of 2011.
- Yellowhorn Project Collaboration - Maple Leaf was recently approached by a Spanish-based group of companies focused on developing planting projects in edible oil plantations, mainly Olive trees, and other fruit trees such as apple, hazelnuts, almonds and vineyards. They are interested in entering a collaboration agreement to include Yellowhorn plantations in their agroenergetic plantations portfolio. Mr. Lai will be meeting with their top management in Inner Mongolia to firm up the terms of the collaboration agreement.
Project Financing Initiatives
Maple Leaf continues to aggressively pursue a major financing and is very hopeful that such funding will eventually be secured. Advanced discussions are presently ongoing with various groups and the due diligence being undertaken by these groups should be finalized by the end of March.
Yellowhorn Seedling Sales
Unni Larsgaard Trust ("Unni"), Maple Leaf's U.S. Yellowhorn seedling distribution agent (see news releases dated March 17, 2010, June 8, 2010, July 5, 2010 and November 2, 2010) has received several Yellowhorn seed orders and the corresponding subsidy applications have been submitted to the Biomass Crop Assistance Program ("BCAP") for approval by the FDA. Unni is hopeful that FDA approval will be received in the near term. In addition, a Yellowhorn oil sample is presently being prepared in China for shipment to Unni. This sample will be used by Unni to conduct a bio-diesel production test run.
Maple Leaf continues to receive requests for Yellowhorn seeds, seedlings and oil from all over the world. Now having been approached by the Spanish company, Maple Leaf hopes to create a strong working relationship with a solidified partner on the ground in the European market.
About Maple Leaf Reforestation Inc.
Maple Leaf is a Canadian company operating various projects in China. Maple Leaf is a wholly-owned foreign enterprise which allows the Company to control 100% of the direction and operations of the company in China while permitting the cash generated from operations in China to flow back to Canada.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may" "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Maple Leaf operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by Maple Leaf. Forward-looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the China's seedling industry; business strategy; expansion and growth of Maple Leaf's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and that may affect Maple Leaf's operations, including, but are not limited to: the impact of general economic conditions; industry conditions; government and regulatory developments; seedling product supply and demand; competition; and Maple Leaf's ability to attract and retain qualified personnel. Maple Leaf's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do transpire or occur, what benefits Maple Leaf will derive there from.
Maple Leaf maintains a forward-looking statement database which is reviewed by management on a regular basis to ensure that no material change has occurred with respect to such forecasts. The Company will publicly disclose such material changes to its forward-looking statements as soon as they are known to management.
For further information regarding Maple Leaf Reforestation Inc., visit www.mlreforestation.com or contact:
Maple Leaf Reforestation Inc.
Raymond Lai, Chairman, President & CEO
Tel: +1 (403) 668-7560
Fax: +1 (403) 250-2534
E-mail: rlai@mlreforestation.com