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Nanotech Sciences Corp. (the "Corporation")(TSX VENTURE:NAN.P) a capital pool company, announced today the termination of the letter of intent dated June 17, 2008, as amended (the "Agreement"), pursuant to which the Corporation had conditionally agreed to acquire all of the issued and outstanding securities of Natcore Technology, Inc. ("Natcore") as its qualifying transaction. The Corporation terminated the Agreement because it was unable to satisfactorily complete its due diligence review of Natcore. The Corporation's board of directors have determined that they can not proceed with the transaction as presently structured and that it is in its best interests to terminate the Agreement and to resume the process of identifying and evaluating businesses and assets with a view to completing its potential qualifying transaction.
The Corporation has requested repayment of the demand loan dated July 18, 2008 with Natcore in the amount of $100,000, which was provided to Natcore to cover cost associated with completion of the qualifying transaction.
The Corporation will resume its process of identifying and evaluating businesses and assets with a view to completing a potential qualifying transaction.
It is expected that trading will resume in the common shares of the Corporation on the TSX Venture Exchange on or about Tuesday August 19, 2008.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
This news release may contain forward-looking statements that are based on Nanotech's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and Nanotech undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances.
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 press release. The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release.
Nanotech Sciences Corp.
President & Chief Executive Officer
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