WEST BEND, Wis., Sept. 29 /PRNewswire-FirstCall/ -- Mach One Corporation
(Pink sheets: MNCN) ("Purchaser" or the "Company"), announced today that it
has entered into a non-binding letter of intent dated September 26, 2008
related to a proposed transaction with Pacific Rim Foods (the "Seller" or
"PRF") to acquire all of the outstanding common shares of the Seller.
The proposed transaction is subject to satisfactory completion of due
diligence by the Purchaser, the execution of a definitive agreement and the
approval of both the board of directors and the shareholders of Seller.
The non-binding terms of the letter of intent provide that all
shareholders of Seller would receive shares of the Purchaser in exchange for
100% of their shares of PRF.
There can be no assurance that any definitive agreement will be entered
into, that any proposed transaction will be approved by the shareholders of
PRF or that any transaction will be completed as a result of the execution of
the letter of intent.
Monte Tobin, CEO of Mach One Corporation commented, "This proposed
acquisition of Pacific Rim Foods will not only give Mach One high-level access
into the China market through Pacific Rim's presence there, it will also bring
a tremendous boost to our financial position with the addition of their liquid
assets held both as cash and as securities in other publicly traded companies.
We are also excited that Pacific Rim's CEO Tad Ballantyne will also become an
integral part of our management team."
Commenting on the proposed acquisition Tad Ballantyne, CEO of Pacific Rim
Foods, said, "We are very pleased to have reached a preliminary understanding
with Mach One for a transaction that will benefit our shareholders. The
combined companies would constitute a much more significant force in Mach
One's market, and have a strong foundation for continued organic and strategic
growth." Diversification in commodities such as milk, corn and oil as well was
technology interests offer our shareholders an interesting diversification
model within development stage companies.
About Pacific Rim Foods Ltd:
Through its Jilin Jimei Foods Ltd. (www.jimeifoods.com.cn) Interests the
company specializes in growing, canning and marketing the first sweet corn
brand in China. The successful operation of its agricultural and processing
business has allowed Pacific Rim Foods Ltd. to enter the growing China food
market initially in the corn commodity sector. With over 50 people on the
ground in China, Pacific Rim Foods Ltd. through Jilin Jimei Foods Ltd., is
positioned to expand its operations into a number of growing markets. Through
its Interests in Empire Energy Corporation International
(www.empireenergy.com) Pacific Rim Foods Ltd. holds an interest in a frontier
basin oil and gas exploration opportunity in the Asia-Pacific region.
Commodities such as corn and oil will be important future opportunities for
Pacific Rim Foods Ltd.
About Mach One Corporation:
Mach One (www.machonecorp.com) currently manufactures and sells Immunogam
(TM) , a colostrums replacement, supplement and prophylactic, in sterile
powder form, which can be administered orally or intravenously. VDx is also
further developing a proprietary procedure to allow for large scale
manufacturing of colostral replacement products for market that includes an
added ingredient for elimination of mastitis and Johnnes disease.
Cautionary Statement: This news release may include certain "Forward-
looking statements" within the meaning of Section 21E of the United States
Securities Exchange Act, as amended. All statements, other than statements of
historical fact, included in this release are forward-looking statements that
involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. This notice
expressly qualifies all forward-looking statements in this release.
SOURCE Mach One Corporation