Press release from PR Newswire
Asantae Announces New President, Name Change and Private Placement
Wednesday, May 22, 2013
Asantae Announces New President, Name Change and Private Placement09:00 EDT Wednesday, May 22, 2013
VANCOUVER AND MESA, AZ, May 22, 2013 /PRNewswire/ - Asantae Holdings International Inc. (TSX-V: JVA; OTC: ASNHF) (the "Company") is pleased to report several key corporate developments.
Appointment of Douglas Ridley as President The Company is pleased to announce the appointment of Douglas Ridley as President. Mr. Ridley has previously been an advisor to the Company's Board of Directors and management team during its turn-around that commenced late 2011. He will assume his new position upon closing of the private placement that is also announced today.
Mr. Ridley has extensive experience in network marketing management both in the sales field and corporate roles, in both private and public companies. Doug led another network marketing start-up (Quorum International) to $125 million annual sales in less than three years, with $20 million in profit. More recently he has been instrumental in the turn around of two smaller network marketing companies. As a successful distributor Doug led a field organization of over 10,000 people that generated $25 million in annual sales volume.
Doug has over 25 years of experience in network marketing and brings a track record of performance, leadership, and demonstrable results. "We are fortunate to have someone of Doug's talents and abilities as part of the team. His vast experience both in the highest levels of corporate management and field leadership has allowed everyone from our board members to distributors to know we've positioned ourselves for success," said CEO, Dan Lundell. He further stated, "We have been pleased with Doug's influence on the company's dramatic improvements over the past year and expect him to have a much greater impact on our growth well into the future as President."
New Company Name Asantae announces that, subject to the approval of the TSX Venture Exchange, the Company will be changing its name to Avidus Management Group Inc. Its new trading symbol will be "AVD." All other entities and related companies names will remain the same.
Private Placement The Company announces a private placement pursuant to which the Company will issue up to 13,000,000 units (each a "Unit") at a price of $0.05 per Unit for gross proceeds of up to $650,000.
Each Unit will be comprised of one common share and one transferable common share purchase warrant (each a "Warrant") and each whole Warrant will entitle the holder thereof to purchase an additional common share of the Company at an exercise price of $0.10 per share for 36 months from the Closing Date of the Private Placement.
The securities issued in connection with the private placement and any shares issued in connection with the exercise of Warrants will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. Closing of the private placement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange.
The net proceeds of the private placement will be used to for general corporate and working capital purposes.
About Asantae Asantae Holdings International Inc. (www.asantae.com) is a producer and marketer of innovative nutritional products through a network of independent distributors (Asantae Independent Affiliates). Asantae's flagship product RealW8? addresses the primary threat to public health in the industrialized world; overweight and obesity. Asantae's approach to this threat is based on a body of research related to the brain chemistry of addiction, chronic low-grade inflammation and oxidative stresses which, according to scientific and medical research, are the underlying conditions for most modern epidemic diseases (obesity, heart disease, diabetes, stroke, some cancers, etc.). According to Market data Enterprises, Inc., the U.S. weight loss market alone is estimated at $60.9 billion per year.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements: Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions, including in respect of the appointment of Douglas Ridley as President, the Company's proposed name change and the completion of the proposed private placement. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release. The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward- looking information include, among others, the Company's ability to develop new products which will receive market acceptance, to receive market acceptance in new markets outside the United States, to engage and retain qualified key personnel, employees and affiliates, to obtain capital and credit and to protect its intellectual property rights.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
SOURCE Asantae Holdings International, Inc
For further information: <p> <b>CONTACTS:</b><br/> <br/> <b>Asantae Holdings International Inc.</b><br/> Dan Lundell, CEO/COO<br/> <a href="mailto:firstname.lastname@example.org">email@example.com</a><br/> 10153 E Hampton Ave, Ste 101, Mesa, AZ, 85209 USA<br/> P: 480-278-8712 / F: 480-383-6147 </p> <p> <b>Sequoia Partners Inc.</b><br/> James Beesley<br/> <a href="mailto:firstname.lastname@example.org">email@example.com</a><br/> P: 778-389-7715<br/> <br/> Adam Rabiner<br/> <a href="mailto:firstname.lastname@example.org">email@example.com</a><br/> P: 604-868-7881 </p>