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07.12.2010
ALF Group Holdings AG – Reverse Split and Company Update
ALF Group Holdings AG – Reverse Split and Company Update
Zurich, 7th December 2010 - The Directors of ALF Group Holdings AG (ALF) wish to provide Shareholders with the following information.
1. REVERSE SPLIT
- Bankhaus Reuschel and Clearstream continue to work towards completing the reverse split. With that in mind, we are waiting to receive final confirmation of the exact date that the share split will take place. The Directors will keep shareholders informed when this information is received. We have been advised that they believe that all necessary procedural matters will be completed this week.
- It has been confirmed that Kingsley Finance Co Limited, has provisioned the necessary shares that are required to round up the odd numbers of shares held by shareholders, thereby enabling the smooth issue of new shares.
2. USA DAUGHTER COMPANIES - FIRST QUARTER 2011
ALF would like to confirm its first quarter 2011 plans for its USA daughter companies:
- ALF Real Estate Holding Corp. – As previously announced, the intention was to list this company on NASDAQ. We have now received an offer from an investment firm that is seeking to manage the process of listing this company on the main board of NASADQ and assisting with the raising of funds to complete the company’s IPO. ALF Directors are meeting the investment firm on 15th December in New York and expect to finalise the appointment thereafter.
- ALF Global Holding Corp. - ALF’s USA Investment vehicle will have a representative attending a board meeting on the 16th of December in Florida where ALF seeks board approval for the acquisition by ALF Global Holding Corp. of an initial 9.9% of a small but profitable USA Bank.
ALF Global Holding Corp. will also be in New Orleans attending a board meeting of a US focussed Oil and Gas production company in which ALF Global Holding Corp. has negotiated a share swap, subject to certain obligations by the Oil Producer. Those conditions have now been met and ALF and the Oil Company expect to formalise the agreement. The share swap is to complete prior to the 15th of January 2011 and ALF Global Holding Corp. will then own 33% of the Oil and Gas Company.
This Oil and Gas Business is on schedule to generate earnings in excess of $3.5m USD in 2011 and as more wells are spudded this figure is expected to more than double. ALF Global Holding Corp. will acquire its 33% equity stake for $7 million USD in value of ALF shares (value to be determined in the 7 days prior to the 14th of January).
The listing of ALF Real Estate Holding Corp. and the settlement of the first 2 investments by ALF Global Holding Corp. will clearly establish ALF as a powerful investment company capable of investing in businesses and then listing them onto capital markets thereby raising cash for each company and additionally bolstering the ALF balance sheet.
For further information please contact:
ALF Group Holdings AG
Level 29, Chifley Tower
2 Chifley Square
Sydney, NSW 2000
Australia
Telephone +61-2-9293-2500
Fax +61-2-9293-2930
Website: www.alfgroupag.com
E-mail: info@alfgroupag.com
Legal Disclaimer
This press release contains forward-looking statements based on beliefs of ALF management. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "intend", "plan" and "project" are intended to identify forward-looking statements. Such statements reflect the views of ALF Group Holdings AG as of the date made with respect to future events and are subject to risks and uncertainties. Many factors could cause actual results to be materially different from those projected here, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services and changes in business strategy. ALF disclaims any intention or obligation to update these forward-looking statements.
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Zurich, 7th December 2010 - The Directors of ALF Group Holdings AG (ALF) wish to provide Shareholders with the following information.
1. REVERSE SPLIT
- Bankhaus Reuschel and Clearstream continue to work towards completing the reverse split. With that in mind, we are waiting to receive final confirmation of the exact date that the share split will take place. The Directors will keep shareholders informed when this information is received. We have been advised that they believe that all necessary procedural matters will be completed this week.
- It has been confirmed that Kingsley Finance Co Limited, has provisioned the necessary shares that are required to round up the odd numbers of shares held by shareholders, thereby enabling the smooth issue of new shares.
2. USA DAUGHTER COMPANIES - FIRST QUARTER 2011
ALF would like to confirm its first quarter 2011 plans for its USA daughter companies:
- ALF Real Estate Holding Corp. – As previously announced, the intention was to list this company on NASDAQ. We have now received an offer from an investment firm that is seeking to manage the process of listing this company on the main board of NASADQ and assisting with the raising of funds to complete the company’s IPO. ALF Directors are meeting the investment firm on 15th December in New York and expect to finalise the appointment thereafter.
- ALF Global Holding Corp. - ALF’s USA Investment vehicle will have a representative attending a board meeting on the 16th of December in Florida where ALF seeks board approval for the acquisition by ALF Global Holding Corp. of an initial 9.9% of a small but profitable USA Bank.
ALF Global Holding Corp. will also be in New Orleans attending a board meeting of a US focussed Oil and Gas production company in which ALF Global Holding Corp. has negotiated a share swap, subject to certain obligations by the Oil Producer. Those conditions have now been met and ALF and the Oil Company expect to formalise the agreement. The share swap is to complete prior to the 15th of January 2011 and ALF Global Holding Corp. will then own 33% of the Oil and Gas Company.
This Oil and Gas Business is on schedule to generate earnings in excess of $3.5m USD in 2011 and as more wells are spudded this figure is expected to more than double. ALF Global Holding Corp. will acquire its 33% equity stake for $7 million USD in value of ALF shares (value to be determined in the 7 days prior to the 14th of January).
The listing of ALF Real Estate Holding Corp. and the settlement of the first 2 investments by ALF Global Holding Corp. will clearly establish ALF as a powerful investment company capable of investing in businesses and then listing them onto capital markets thereby raising cash for each company and additionally bolstering the ALF balance sheet.
For further information please contact:
ALF Group Holdings AG
Level 29, Chifley Tower
2 Chifley Square
Sydney, NSW 2000
Australia
Telephone +61-2-9293-2500
Fax +61-2-9293-2930
Website: www.alfgroupag.com
E-mail: info@alfgroupag.com
Legal Disclaimer
This press release contains forward-looking statements based on beliefs of ALF management. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "intend", "plan" and "project" are intended to identify forward-looking statements. Such statements reflect the views of ALF Group Holdings AG as of the date made with respect to future events and are subject to risks and uncertainties. Many factors could cause actual results to be materially different from those projected here, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services and changes in business strategy. ALF disclaims any intention or obligation to update these forward-looking statements.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CH0044678180">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CH0044678180</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.