TORONTO, Sept. 5, 2008 (GLOBE NEWSWIRE) -- Carthew Bay Technologies Inc. (OTCBB:CWBYF) (the "Company" or "CBT"), formerly Astris Energi Inc., provided shareholders with an update of the transaction whereby shares of CBT will be exchanged for all of the issued and outstanding shares of Colorep ("RTO").
Timeline Update
The closing of the RTO has been further pushed out because of delays associated with the completion of Colorep's audit, which in turn affects the filing of proxy materials and a registration statement with the SEC by CBT. It is currently anticipated that the audit will be completed by the end of September and the registration statement filed shortly thereafter. CBT will convene a special meeting of shareholders to vote on this transaction after SEC review and comments, which will likely take between 90 and 120 days after filing of the registration statement. In the event that shareholders approve the same, the transaction will close shortly thereafter.
Transaction Summary
Given the considerable length of time that has passed since the announcement of this transaction, the following is a summary of the Colorep transaction. In the first quarter of 2008, CBT invested $2 million in secured convertible debentures of Colorep, accruing interest at 1% per month. On May 23, 2008, CBT and Colorep executed an Agreement and Plan of Merger (the "Merger Agreement") whereby on closing, the pre-RTO shares of Colorep common stock will be converted into shares of CBT common stock, and Colorep will acquire the voting interests of CBT through a reverse triangular merger. A copy of the Merger Agreement was filed with the Securities and Exchange Commission on May 30, 2008.
CBT believes that the approximate deemed RTO transaction value to pre-RTO CBT shareholders would be $4,000,000 after giving effect to the cancellation of the $2,000,000 debenture. This estimated value is based on Colorep's most recent private placement of common shares of over $23 million completed in the first quarter of 2008.
"We believe that this transaction represents considerable initial value to our shareholders as well as an opportunity to participate in the growth of an exciting new 'clean/sustainable' technology," said Michael Liik, CBT's CEO.
About Colorep and Transprint USA
About Colorep, Inc.
Colorep, Inc. (www.colorep.com) is a leader in subsurface printing and fabric dyeing technologies, providing products and services to the promotion, apparel, commercial furnishings and home decor markets.
