Fulucai announces Letter of Intent to acquire oil and gas properties in California and cancels MOU for Indonesia assets
CALGARY, Feb. 21, 2014 /PRNewswire/ - Fulucai Productions Ltd. (OTCQB:FCPS) ("Fulucai") announces that it has entered into a Letter of Intent (the "LOI") with a related party ("Vendor") to acquire an interest in 6 non-operated producing and exploration oil and gas properties ( "Properties") in California with interests ranging from 8% to 37.5%. Under the terms of the LOI, the company will acquire the Properties for $2.5 Million. The Vendor has the option to receive all or a portion of the purchase price in restricted shares of Fulucai at a 15% discount to the 30 trading average for its shares prior to the Closing Date.
The Effective Date and the Closing Date shall be April 30, 2014
Any agreement with Fulucai is conditional upon Fulucai obtaining all necessary regulatory and shareholder approvals required to complete any necessary equity and/or debt financing.
This is a related party transaction and the related party currently owns 66,600,000 shares of Fulucai.
Further to the press dated December 2, 2013, Fulucai will not be proceeding with the acquisition of oil and gas assets in Indonesia.
ON BEHALF OF THE BOARD
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. Forward-looking information in this news release includes, but is not limited to, statements regarding expectations of management regarding the expiry of hold periods attached to the securities issued in settlement of debts as described in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risk that the hold period on the shares may not expire as expected. Other than as required by law, the Company does not intend to update the forward-looking information contained in this news release.
SOURCE FuLuCai Productions Ltd.