SCOTTSDALE, Arizona, March 1, 2016 /PRNewswire/ --
The Board of Directors of Paradise Ridge Hydrocarbons, Inc. (OTC: PRGE) today announced that a definitive merger agreement has been signed with Far East Ventures Holdings, Ltd ("Far East"), a British Virgin Islands incorporated company which operates a high growth investment platform in South East Asia. Far East's principal activities include a fully operational gold mine in Northern Indonesia and a recently structured joint venture for cement and building products based in Philippines. Though the Company previously announced its intention to develop operating vineyards in the Texas hill country wine region, this merger with Far East presents a far better opportunity for Paradise shareholders, an opportunity the Board of Directors simply could not pass up.
In commenting on the transaction, Paradise CEO David Naylor said: "I am very pleased to be able to confirm our proposed merger with a truly dynamic platform to tap into the growth potential of one of the world's highest growth regions. Far East operates a producing gold mine in Northern Indonesia with one of the lowest operating costs (approx. $450/oz.) at a time when the gold price has been increasing steadily. The Company is also embarking on a joint venture to produce and market cement and building products in both Philippines and Indonesia, two of the highest growth economies in the world." Mr. Naylor continued, "We are excited to align our company with a platform comprising a proven business model and dynamic growth and look forward to generating superior returns to our shareholders from this transaction, which is much more closely aligned to our historical operations."
Forward Looking Statements
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission.
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Paradise Ridge Hydrocarbons, Inc.
SOURCE Paradise Ridge Hydrocarbons, Inc.