/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, British Columbia, Oct. 22, 2019 (GLOBE NEWSWIRE) -- A-Labs Capital I Corp. (TSX-V: ALBS.P) (the "Company") announces the termination of the previously announced letter of intent dated June 18, 2019 (as amended, the "Letter of Intent") between the Company and Hisense Ltd. ("Hisense") in accordance with its terms. The Letter of Intent related to the proposed acquisition (the "Transaction") by the Company of 100% of the outstanding securities of Hisense which would have constituted the Qualifying Transaction of the Company under the policies of the TSX Venture Exchange ("Exchange").
The Company is a "capital pool company" within the policies TSXV Venture Exchange ("Exchange") and has not commenced commercial operations or has any assets other than cash. The Company will continue to pursue and evaluate other businesses and assets with a view to completing a "Qualifying Transaction", as such term is defined under the policies of the Exchange.
Pursuant to the Letter of Intent, the Company previously advanced to Hisense $25,000 as a non-refundable deposit and $20,000 as a refundable deposit in connection with the Transaction and expenses relating to the concurrent financing. The Company is considering its options to recover the $20,000 refundable deposit.
The Company has made an application with the Exchange for a resumption to trading of the common shares of the Company, which the Exchange has advised is accepted and which shall commence on the date to be set out in the Exchange bulletin.
For further information, please contact:
Doron Cohen, CEO and Director of the Company
Phone number: 972 545-224-017
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Forward looking statements in this news release include, but are not limited to, the resumption of trade of the Company's shares and the receipt of the refundable deposit. Because of these risks and uncertainties and as a result of a variety of factors, including with respect to the proposed resumption of trading, repayment of the refundable deposit by Hisense, the timing and receipt of all applicable regulatory and corporate approvals, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
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