QUEBEC, March 28, 2013 /CNW/ - Botaneco Corp. ("Botaneco" or the "Company") (TSX-V: BOT), a leading natural specialty ingredients company
providing key ingredients to the food and personal care industries is
pleased to announce that it has closed its previously announced
disposition of substantially all of the assets of its wholly-owned
subsidiary, Botaneco Specialty Ingredients Inc. ("BSI") to Concept Capital Management Ltd. (formerly 1710227 Alberta Ltd., ("Concept")).
The arm's length disposition was completed pursuant to the terms of an
Asset Purchase Agreement (the "Agreement") dated effective February 14, 2013 among the Company, Concept and AVAC
Ltd. ("AVAC"). The purchased assets are comprised of cosmetic oleosomes ingredients
manufacturing equipment, office equipment, customer accounts and trade
information related to BSI's oleosomes cosmetic business located in
Calgary.
Under the terms of the Agreement, the Company received cash
consideration of $250,000 (subject to final closing adjustments),
$80,000 in respect of priority payables, and a release from AVAC with
respect to a loan agreement with BSI valued at approximately
$4,700,000. The cash consideration of $250,000 was directed to AVAC
concurrently with the closing.
The Company will now focus on the business, operations and growth in
Natunola Health Inc., a wholly-owned subsidiary of the Company based in
Winchester, Ontario.
About the Company:
For more information regarding Botaneco Corp. please visit www.botanecocorp.com or www.sedar.com
This press release contains forward-looking information. More
particularly, this press release contains statements concerning the
anticipated focus of the Company. Although the Company believes in
light of the experience of its officers and directors and other factors
that have been considered appropriate that the expectations reflected
in this forward-looking information are reasonable, undue reliance
should not be placed on them because the Company can give no assurance
that they will prove to be correct. Forward-looking information
involves known and unknown risks, uncertainties, assumptions and other
factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking information. The
forward-looking statements contained in this press release are made as
of the date hereof and the Company undertakes no obligations to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
Neither 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.
SOURCE: Botaneco Corp.
