VANCOUVER AND
MESA, AZ, May 22, 2013 /PRNewswire/ - Asantae Holdings
International Inc. (TSX-V: JVA; OTC: ASNHF) (the "Company") is
pleased to report several key corporate developments.
Appointment of Douglas Ridley as President
The Company is pleased to announce the appointment of Douglas Ridley as President. Mr. Ridley
has previously been an advisor to the Company's Board of Directors
and management team during its turn-around that commenced late
2011. He will assume his new position upon closing of the
private placement that is also announced today.
Mr. Ridley has extensive experience in network
marketing management both in the sales field and corporate roles,
in both private and public companies. Doug led another
network marketing start-up (Quorum International) to $125 million annual sales in less than three
years, with $20 million in
profit. More recently he has been instrumental in the turn
around of two smaller network marketing companies. As a
successful distributor Doug led a field organization of over 10,000
people that generated $25 million in
annual sales volume.
Doug has over 25 years of experience in network
marketing and brings a track record of performance, leadership, and
demonstrable results. "We are fortunate to have someone of
Doug's talents and abilities as part of the team. His vast
experience both in the highest levels of corporate management and
field leadership has allowed everyone from our board members to
distributors to know we've positioned ourselves for success," said
CEO, Dan Lundell. He further
stated, "We have been pleased with Doug's influence on the
company's dramatic improvements over the past year and expect him
to have a much greater impact on our growth well into the future as
President."
New Company Name
Asantae announces that, subject to the approval of the TSX Venture
Exchange, the Company will be changing its name to Avidus
Management Group Inc. Its new trading symbol will be "AVD."
All other entities and related companies names will remain the
same.
Private Placement
The Company announces a private placement pursuant to which the
Company will issue up to 13,000,000 units (each a "Unit") at a
price of $0.05 per Unit for gross
proceeds of up to $650,000.
Each Unit will be comprised of one common share
and one transferable common share purchase warrant (each a
"Warrant") and each whole Warrant will entitle the holder thereof
to purchase an additional common share of the Company at an
exercise price of $0.10 per share for
36 months from the Closing Date of the Private Placement.
The securities issued in connection with the
private placement and any shares issued in connection with the
exercise of Warrants 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. Closing of the private
placement is subject to a number of conditions, including receipt
of all necessary corporate and regulatory approvals, including the
TSX Venture Exchange.
The net proceeds of the private placement will
be used to for general corporate and working capital purposes.
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 in
respect of the appointment of Douglas
Ridley as President, the Company's proposed name change and
the completion of the proposed private placement. 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.
SOURCE Asantae Holdings International, Inc