-Riverdale Capital announces financing withdrawal and affected acquisition plans.
International Resource News-February 7, 2011--Riverdale Capital announces financing withdrawal and affected acquisition plans(C)1994-2011 ENPublishing - http://www.enpublishing.co.uk
International Resource News - 07 February 2011
Riverdale Capital Ltd (Pinks Sheets: RICP), a developer of its own patented Polyvinyl Alcohol 100 percent biodegradable, non-toxic and water-soluble plastic, has announced cancellation of financing arrangements for the acquisition of Nevada-based WSPVA Bio Products International LLC.
The company has reported withdrawal of a relevant financing agreement by Canada-based investors after the disclosure of a December 9, 2010 uncontested judgment against 1st Texas Natural Gas Company, the predecessor company to Riverdale Capital Ltd.
Carl Kruse, CPA, the Company's President said 'The acquisition which gave RICP a unique position in the green-technology arena of North America and provided an exciting platform for growth in the green-friendly clean-products markets had to be rescinded because investors in Canada withdrew their funding commitments and a decision by WSPVA to rescind the Agreement, because of a December 9, 2010 uncontested judgment against Jim Dial and 1st Texas Natural Gas Company, the predecessor company to RICP. Current management had no knowledge of the lawsuit or the judgment until today.'
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