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Pursuant to TSX Venture Exchange rules, Asia Now also received the required shareholder approval for the potential creation of a new "Control Person", as defined in the TSXV Corporate Finance Manual and "minority approval" required pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). For additional details on the proposed transaction, ANR refers to its previous press release of September 10, 2008.
At this time, the second tranche of funds representing the remaining 43% of Lippo Group's proposed investment have not been received. While Asia Now has received no assurances that the money will be shortly forthcoming, the Company does appreciate the first tranche and there have been no changes to the working relationship between the companies, which are jointly exploring cash flow mining opportunities for Asia Now.
In accordance with the terms of the private placement with China Gold that closed on August 7, 2008, ANR also appointed two new directors to its board. The Company is pleased to welcome Dr. Cheng-Wen Cheng and Mr. Marshall Cooper to the board.
Dr. Cheng brings the board over 30 years of international experience in research and development, marketing and general management. Dr. Cheng was an executive Director, the CEO and the President of AcrossAsia Limited from June 2000 until May 2006 when he retired from the executive positions to take the position of non-executive Director and Chairman of the Board. He concurrently serves as the President Commissioner of PT Matahari Putra Tbk and PT Multipolar Tbk, a Commissioner of PT First Media Tbk and the Chairman of Robbinz Department Stores in China. Dr. Cheng was the Chief Executive of the Provisional Hong Kong Science Park Corporation and has served as the Chief Operating Officer and Executive Vice President of Philips Electronics Group in China/Hong Kong and Taiwan, President of Taiwan Gadelius Limited (an ABB subsidiary) and other executive positions in Belgium and the United States of America. He holds a Bachelor of Science degree from National Cheng Kung University, Taiwan, and a Master of Science and PhD degrees in Electrical Engineering from Iowa State University, USA.
Mr. Marshall Cooper offers the ANR board of directors over 20 years of experience working in Asia. He has been an Executive Director of AcrossAsia Limited since May 2002 and the Chief Executive Officer of AcrossAsia Limited since May 2006. Previously, Mr. Cooper was the Chief Financial Officer of AcrossAsia Limited and a Director and the CEO of PT First Media Tbk. He is also a Commissioner of PT Multipolar Tbk and PT First Media Tbk and served as AsiaPacific controller for an oil and gas service company and as regional controller for a mining company. He holds a diploma from Perth Institute of Technology, Australia.
Dr. Kaihui Yang, President of the Company stated, "Asia Now feels the depth of experience and skill sets that Mr. Cooper and Dr. Cheng bring to the Company compliment the already diverse board. ANR looks forward to making the most of this talented team to keep the Company on track toward its goal of building shareholder value through effective exploration." -- www.cnxmarketlink.com
Posted October 31st, 2008 by ruzik_tuzik
