Published:
Empire Announces $500,000 for China Business Platform
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.
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Tags: ,EnergyandUtilities:AlternativeEnergy;EnergyandUtilities:OilandGas;EnergyandUtilities:Utilities;Environment:NaturalResourceManagement;,OTCBULLB,KS,LENEXA, KS
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