QUEBEC,
March 14, 2013 /CNW/ - Botaneco Corp.
("Botaneco" or the "Company") (TSXV: BOT), a leading
natural specialty ingredients company providing key ingredients to
the food and personal care industries announces it has entered into
an agreement (the "Agreement") dated effective February 14, 2013 with its wholly-owned
subsidiary, Botaneco Specialty Ingredients Inc. ("BSI"),
Concept Capital Management LTD. (formerly 1710227 Alberta Ltd.,
("Concept")) and AVAC Ltd. ("AVAC") for the arm's
length sale of substantially all of the assets of BSI to
Concept.
Pursuant to the terms of the Agreement, Concept
will acquire (the "Acquisition") all right, title and
interest in substantially all of BSI's assets for consideration
acceptable to the Company and BSI , subject to adjustments on
account of working capital and for certain of BSI's accounts
payable (the "Purchase Price"). On closing of the
Acquisition, BSI has agreed to deliver to Concept an irrevocable
direction to pay the Purchase Price to AVAC in satisfaction of
certain obligations owed by the Company to AVAC.
The purchased assets are comprised of cosmetic
oleosomes ingredients manufacturing equipment, office equipment,
customer accounts and trade information related to BSI's oleosomes
cosmetic business located in Calgary. Closing of the Acquisition is
currently expected to occur on or about March 19, 2013 or such later date as may be
determined by the parties in accordance with the terms and
conditions of the Agreement. Closing is subject to a number
of conditions, including, but not limited to, the receipt of all
necessary approvals, including the approval of the Exchange.
The Company's oleosomes technology was licensed
to the Company by Concept, thus the Company is pleased that Concept
is purchasing the assets as this will bring stability to BSI's
existing customers.
With the conclusion of this Acquisition, the
Company will focus in the business, operations and growth in
Natunola Health Inc., a wholly- owned subsidiary of the Company
based in Winchester, Ontario
About the Company:
For more information regarding Botaneco Corp. please visit
www.botanecocorp.com or www.sedar.com
This press release contains forward-looking
information. More particularly, this press release contains
statements concerning the closing of the Acquisition. Although the
Company believes in light of the experience of its officers and
directors and other factors that have been considered appropriate
that the expectations reflected in this forward-looking information
are reasonable, undue reliance should not be placed on them because
the Company can give no assurance that they will prove to be
correct. Forward-looking information involves known and unknown
risks, uncertainties, assumptions and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking information. The
forward-looking statements contained in this press release are made
as of the date hereof and the Company undertakes no obligations to
update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities
laws.
Completion of the Acquisition is subject to a
number of conditions, including but not limited to, Exchange
acceptance. There can be no assurance that the Acquisition will be
completed as proposed or at all.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Botaneco Corp.