Interactive Business Development Cancels Attempted Merger.HOUSTON -- Interactive Business Development, Inc., a Nevada Corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. , (OTCPK:IBVP IBVP Initial Boundary Value Problem ) announced today that the company's Board of Directors have resolved to dissolve the merger between the company and the privately-held, Delaware Corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. - Interactive Business Development, Inc. On behalf of the company's Board of Directors, the company's legal counsel served Notice of Dissolution of Attempted Merger on June 1st, 2006. Upon the completion of final 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. , the company's Board of Directors deemed this transaction not in the best interest of its shareholders. Therefore, the Board of Directors voted to cancel and nullify nul·li·fy tr.v. nul·li·fied, nul·li·fy·ing, nul·li·fies 1. To make null; invalidate. 2. To counteract the force or effectiveness of. the planned merger between the two entities. As a result of this action, the original merger agreement dated December 31, 2005 is null and void. All assets of each corporation shall be immediately returned to their original state as they existed prior to December 31, 2005. Additionally, all accounting of the two companies shall be separated and adjusted to reflect the complete separation and division of the two entities. The company greatly values its loyal shareholders and does not believe that this transaction was in the best interest of the shareholders. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Certain statements contained in this press release are 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. that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements. |
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