Asantae Converts Debt Into Equity at $0.30 Per Share
VANCOUVER AND MESA, AZ, Nov. 26, 2012 /CNW/ - Asantae Holdings International Inc. (TSX-V: JVA; OTC PINK: ASNHF) (the "Company") announces that it has entered into debt settlement agreements with certain non-arm's length parties whereby the Company intends to issue an aggregate of 537,500 common shares at a deemed price of $0.30 per share to settle $161,250 of outstanding debt. The outstanding debt consists of $61,600 owed to Gainey Consultants, Inc., a company owned by John Reynolds, the Company's Chairman and Director, and $99,650 owed to Two Kings, LLC, a company owned by Daniel Lundell, the Company's CEO, COO and Director.
All the shares issued in connection with the debt settlements will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
In addition, Asantae issued 150,000 stock options to certain consultants of the Company for fiscal advisory services. Each option is exercisable into one common share of the Company (each, a "Share") at a price of $0.15 per Share for a period of 5 years. Stock option grants are subject to the terms and conditions of the Company's Stock Option Plan and the approval of the TSX Venture Exchange.
Closing of the debt settlements is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange.
Neither the 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.About Asantae
Asantae Holdings International Inc. (www.asantae.com) is a producer and marketer of innovative nutritional products through a network of independent distributors (Asantae Independent Affiliates). Asantae's flagship product RealW8™ addresses the primary threat to public health in the industrialized world; overweight and obesity. Asantae's approach to this threat is based on a body of research related to the brain chemistry of addiction, chronic low-grade inflammation and oxidative stresses which, according to scientific and medical research, are the underlying conditions for most modern epidemic diseases (obesity, heart disease, diabetes, stroke, some cancers, etc.). According to Market data Enterprises, Inc., the U.S. weight loss market alone is estimated at $60.9 billion per year.
Neither the 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.
Forward Looking Statements - Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions, including the listing and trading of the Company's common shares on the Exchange. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release. The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward- looking information include, among others, the Company's ability to develop new products which will receive market acceptance, to receive market acceptance in new markets outside the United States, to engage and retain qualified key personnel, employees and affiliates, to obtain capital and credit and to protect its intellectual property rights.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.7
SOURCE: Asantae Holdings International, Inc
Dan Lundell, CEO/COO
10153 E Hampton Ave, Ste 101, Mesa, AZ, 85209 USA
P: 480-278-8712 / F: 480-383-6147
Sequoia Partners Inc.