Advanced Deposition Technologies Inc. Announces the Signing of a Letter of Intent to acquire The Great Tahou Co., Ltd
Tokyo, Japan--(Newsfile Corp. - December 14, 2015) - Advanced Deposition Technologies, Inc. (OTC Pink: ADTC) announces the signing of an LOI to acquire The Great Tahou Holdings Ltd, ( "Tahou") as a wholly owned subsidiary of ADTC. Tahou is located at 2-13-3 Tsukishima Chuo-Ku Tokyo Japan.
Tahou currently owns a land parcel located in Atsuma-cho, Yufutsu-Gun, Iburino-Kuni, Tomakomai, Hokkaido Japan, on the northern island, which includes more than 743 acres believed to have accessible oil and gas reserves. Tahou filed registration for prospecting, exploration and development rights on June 21, 2005 and now intends to contract with a third party to develop the anticipated oil and gas assets. There are no assurances that the parties will be successful in locating the targeted oil and gas reserves but management is pursuing avenues to minimize risk. ADTC has commenced its due diligence of Tahou and its assets. The acquisition will be a stock for stock exchange where ADTC will issue 300,000,000 ADTC common restricted shares in exchange for 100% of the issued and outstanding Tahou shares.
Subsequent to completion of the acquisition, Tahou will move to finalize negotiations with an oil and gas exploration company to develop the property. The Company will be seeking a cash payment and royalty in their negotiations. The closing is forecast to close in mid 2016.
In connection to the above, the board has approved a resolution on December 4th, 2015 to authorize the officers of the Company to effectuate the following actions:
- Change the name of Advanced Deposition Technologies, Inc. to The Great Tahou Holdings Ltd.
- Change the par value to $0.001.
- Common stock is to be increased to 800,000,000 shares and
- Preferred stock is to be increased to 200,000,000 shares.
Notice Regarding Forward-Looking Statements:
This news release may contain "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. Statements in this press release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the accomplishment of any of our plans listed such as sales and the timelines within which such items may be accomplished. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and that which is made publicly available by us from time to time.
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Source: Newsfile Corp.
(December 14, 2015 - 4:37 PM EST)
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