Daily News logo Newsletter logo   Search News     Daily News   


Empire Announces $500,000 for China Business Platform

  Share With Friends

Empire Energy Corporation International (Empire) (OTC BB: EEGC) announced today that its Pacific Rim Foods Ltd. subsidiary has completed its $500,000 USD Private Placement of Convertible Preferred Stock. Proceeds of the offering may be used to capitalize its wholly owned foreign enterprise (WOFE) in Beijing, China. Application for approval of the WOFE is being made with governmental officials and is expected to be approved. Upon approval of the WOFE Pacific Rim Foods Ltd. will have the legal structure in place to fund and expand its shelf stable food processing platform within China. This will also establish a viable commercial platform and strengthen critical relationships to further the development of our natural resourse projects in Australia, mainly oil and gas, base metals and Nano Key Ball Mill technology. Due to the initial success of the Private Placement completed by First Global Securities Inc. Pacific Rim Foods Ltd. has executed a term sheet with First Global Securities Inc. to raise an additional $1,000,000 USD thru a Private Placement of Pacific Rim Foods Ltd. common stock. Terms of the Offering are being negotiated with Placement Agent.

As previously announced Pacific Rim Foods Ltd. has entered into the conditional transfer of 49% of Jilin Jimei Foods Ltd which has a processing plant in Jilin Province and is negotiating for majority control subject to verification of certain contingent liabilities and has entered into the transfer of the "Jimei" brand and trademark to Pacific Rim Foods Ltd. and is awaiting final government transfer approval and has entered into a 3 year lease on a processing plant and agricultural acreage in Liaoning Province. In addition, Pacific Rim Foods Ltd had entered into an Inventory Purchase Agreement with Jilin Jimei Foods Ltd to purchase $300,000 USD of canned sweet corn subject to certain conditions including quality and price parameters. All the above contracts may be assigned to the WOFE upon its final approval.

It is anticipated that by the fourth quarter Pacific Rim Foods Ltd. will have majority control of all processing assets described above and that consolidated financials reflecting Jilin Jimei Foods Ltd operations will be made with Pacific Rim Foods Ltd. Prior to this Pacific Rim Foods Ltd financials reflect investment account activity only. The above plants which are located near the major northern China cities of Changchun and Shenyang are capable of year round processing but previous management had operated the facilities as seasonal processing plants limited to sweet corn only. This has resulted in the facilities being operated at only 20% of capacity. Pacific Rim Foods Ltd. intends to expand the processing to include non-seasonal raw products including various dry beans and sauces. In addition the facilities have utilized limited can sizes which are marketed to retail customers. Pacific Rim Foods Ltd. intends to expand the processing to include food service can sizes which will be marketed to the growing food service industry including the rapidly growing fast food market.

Pacific Rim Foods Ltd has also entered into exploratory discussions with Empire Energy's investment banker in London concerning the merger of Pacific Rim Foods Ltd. into an AIM listed "shell" company and a capital raise of up to $12.5 million (USD) to be used to acquire certain shelf stable food processing plants in the USA. This is part of Pacific Rim Foods Ltd vision to build a global shelf stable food processing platform which can deliver product in any time zone within 24 hours. Pacific Rim Foods Ltd anticipates that in addition to retail and food service commercial markets it will market to non-government organizations (NGOs) and military markets.

This press release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward-looking statements when you see us using the words such as "expect," "anticipate," "estimate," "believes," "plans" and other similar expressions. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Empire's ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements.

Newswire by Market Wire


 
Support Wikipedia


Follow NewsBlaze

on Twitter

@newsblaze


Find more stories recommended by Stumbleupon.

newsletter logo

What's Hot?
1 .Texas: Cops Pull Over Drunk Cowgirl Wearing Only Cowboy Boots - 44
2 .Prosecution Paints a Portrait of Abuse in the Trial of George Huguely V! - 75
3 .Censorship in America - 51
4 .Insitu Delivers Small Tactical Unmanned Aircraft Systems Capability to Marines - 46
5 .Supermodel Bar Refaeli Adorns the Cover of the 2009 Sports Illustrated Swimsuit Issue on Newsstands Today! - 56
6 .Effective Costa Rica Marketing Ranks Country as Top Brand in Latin America - 31
7 .These 10 Comfortable Walking Shoes Are a Step in the Right Direction - 26
8 .Early Marriage Has Harmful Effects on Women - 31
9 .IHOP Relies on Surging Bacon-Mania to Keep Pace With Competition - 28
10 .BOLLYWOOD actress in HOLLYWOOD lesbian film - 21
Updated: 19:15 PST     7723

NewsBlaze Editors

editors

NewsBlaze Writers


Writers Wanted

Help NewsBlaze provide daily news, including top stories, Home and Garden, Technology, The Environment and more. NewsBlaze Writer

Follow NewsBlaze

NewsBlaze Social Media Logos NewsBlaze Facebook NewsBlaze LinkedIn NewsBlaze Twitter NewsBlaze YouTube NewsBlaze MySpace
NewsBlaze 
Copyright © 2004-2012 NewsBlaze LLC
Use of this website is subject to our Terms of Service and Privacy Policy  | DMCA Notice |         Press Room