|By Marketwired .||
|April 1, 2014 02:12 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 04/01/14 -- AMG Bioenergy Resources Holdings Ltd. (the "Company") (TSX VENTURE:ABG), a Canadian publicly traded company, reports that it has entered into an arm's length project management agreement ("Project Management Agreement") with Mr. Tan Wen Tai of Singapore (the "Stakeholder") dated March 24, 2014 with respect to the development of a resort condominium residences in Hainan island (the "Project") in the People's Republic of China by Hainan Hua Yan Scientific Resources Co. Ltd. (the "Project Company").
The Stakeholder intends to acquire a controlling interest in the Project Company for USD16 million (the "Investment"), and, pursuant to the Project Management Agreement, will rely on the Company as its nominee to not only assist with such acquisition, but to provide various management services related to the Project on behalf of the Stakeholder (the "Management Services"). These include, among other things, accounting and banking services, planning and budgeting services, assisting with obtaining licensing and permits, and quarterly reporting in respect of engineering work. The Company intends to hire a project engineer and a project accountant (the "Hired Employees") to assist with these services, the aggregate annual cost of which is estimated to be USD $66,000 and will be borne by the Company, which will be via shareholders loans if it doesn't otherwise have cash on hand. Management of AMG does not intend to devote more than 30 to 35% of their respective working time to the Management Services.
The term of the Project Management Agreement is 30 months. If by the end of this term the Stakeholder recoups his investment in the Project Company of $16M USD and realizes an average annual return over the term of the Project Management Agreement of 17.5% (via cumulative dividends), the Stakeholder will remunerate the Company for providing the Management Services by transferring to the Company shares in the Project Company representing not less than a 51% ownership interest. After reasonable inquiry including consultation with applicable legal counsel, the Company is not aware of any applicable laws which would impede the transfer of these shares. In the event the Stakeholder does not recoup his investment and realize a 17.5% annual return, then the Company may not receive any remuneration for providing the Management Services.
Aside from the costs associated with the Hired Employees, the Company's working capital requirements to fulfil its obligations under the Project Management Agreement are expected to be nominal. Other than these costs, the Company has no other financial obligations or commitments in respect of the Management Services. The Project Management Agreement provides that all working capital requirements respecting the Project and of the Company, up to USD $2M (which the Company has agreed not to exceed), including those related to the Company's out-of-pocket costs (other than remuneration paid to the Company's own employees, which includes the Hired Employees), will be paid or reimbursed by the Project Company. It will be a condition to advancing the Investment to the Project Company that the Project Company agrees to set aside USD $2M for this purpose, all of which will be managed by the Company as part of the Management Services.
The entering into of the Project Management Agreement is a "Reviewable Transaction" as defined in TSX Venture Exchange Policy 5.3. As a result, the Company will be required to obtain Exchange approval, and it will be required to satisfy numerous other conditions, including, obtaining disinterested shareholder approval. In the event the Company is unable to satisfy these conditions, pursuant to the Management Agreement it is entitled to terminate the agreement without cost or liability. As a result there can be no assurance that the transactions contemplated by the Management Service Agreement will be completed as proposed, or at all.
The Company's shares are anticipated to resume trading on the Exchange on or about April 1, 2014.
About AMG Bioenergy Resources Holdings Ltd.
The Company has been active in research and development of bio-fuel feedstock and biodiesel conversion with the intent of developing a business producing jatropha as a bio-fuel feedstock in the People's Republic of China and other parts of Asia. The Company is also active in the management of its Jatropha and Eucalyptus plantations in the People's Republic of China. This will continue to be the focus of the Company's business notwithstanding the Management Services to be performed by the Company pursuant to the Project Management Agreement.
ON BEHALF OF THE BOARD
Lee Shoong Lim, Managing Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
This news release may contain "forward-looking information" (as defined in applicable Canadian securities legislation). Forward-looking information is based on expectations, estimates and projections, and it addresses future events and conditions. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."
AMG Bioenergy Resources Holdings Ltd.
Lee Shoong Lim
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Jul. 27, 2016 01:30 PM EDT Reads: 214
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Jul. 27, 2016 01:00 PM EDT Reads: 1,177
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Jul. 27, 2016 12:15 PM EDT Reads: 823
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
Jul. 27, 2016 12:00 PM EDT Reads: 1,027
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Jul. 27, 2016 12:00 PM EDT Reads: 837
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 27, 2016 11:45 AM EDT Reads: 1,749
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 27, 2016 11:35 AM EDT Reads: 107
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Jul. 27, 2016 11:15 AM EDT Reads: 885
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
Jul. 27, 2016 11:00 AM EDT Reads: 1,220
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 27, 2016 11:00 AM EDT Reads: 689
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Jul. 27, 2016 10:45 AM EDT Reads: 608
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 27, 2016 10:30 AM EDT Reads: 1,217
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 27, 2016 10:30 AM EDT Reads: 1,059
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 27, 2016 10:00 AM EDT Reads: 1,731
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 27, 2016 10:00 AM EDT Reads: 2,001