Empire Energy Continues Acquisition of Basic & Primary Industry Resource Assets.LENEXA Le·nex·a A city of eastern Kansas, a suburb of Kansas City. Population: 41,200. , Kan Kan, river, China: see Gan. . -- Empire Energy Corporation International (Empire) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EEGC) announces that it has entered into a Letter Agreement to acquire 51% of a Mauritius corporation ("the Company") which has entered into a Letter Agreement to acquire certain brands and lease certain property, plant and equipment and has obtained an option to acquire a majority interest in Jilin Jimei Foods Ltd. (Jimei). Jimei is a 15 year old China based company with an established history of brand development and food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. , specializing in shelf stable food products in China for both domestic and export markets. These transactions provide Empire with a platform company to enter the rapidly expanding shelf stable food market in China with established China partners. Empire continues to acquire basic & primary resource assets (food, minerals, oil & gas, technology) critical to the rapidly expanding Asia Pacific market. The Letter Agreement outlines material terms and conditions of the transaction as well as the contingent nature of any restricted securities Empire would issue. The transaction value is $1.8 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) to be paid in Empire common stock. The number of shares to be issued will be based on the value of the stock at closing, limited by an agreed floor value of $0.20 (USD) and an agreed ceiling value of $0.50 (USD) (9.0 million shares maximum and 3.6 million shares minimum). The definitive Share Exchange Agreement should be executed within 30 days. Empire director Tad (Telephone Answering Device) An answering machine. Ballantyne is also a director of both the Company and Jilin Jimei Foods Ltd. Dr. Robert Ni, a director of Jilin Jimei Foods Ltd. is expected to also become a director of the Company. The Company expects to add at least two additional directors associated with China based companies and two additional directors associated with U.S. based companies. The addition of directors for the Company that are associated with China based companies allows the parent company, Empire, access to a broader range of directors with backgrounds not only potentially in food processing but also oil & gas interests in China. In addition to this proposed transaction, Empire intends to continue to pursue the Letter of Intent (LOI LOI Letter of Indemnity (international trade and carriage business) LOI Letter Of Intent LOI Loss On Ignition LOI Letter of Inquiry LOI Lack Of Information LOI Lack of Interest LOI Letter of Invitation LOI List Of Items ) to acquire remaining interests in Zeehan Zinc Limited (ZZL ZZL Zarzadzanie Zasobami Ludzkimi (Polish: Human Resources Management; bimonthly publication; Institute of Labor and Social Studies) ) as was reported in September 2005. As conditions precedent of the LOI, Valuation Reports and other Due Diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. task requirements are being completed by ZZL and government departments are reviewing the tenures given submission of recent independent consultants reports reviewing ZZL's Reserves (as previously stated). This Press Release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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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