MIAMI, Feb. 6, 2011 /PRNewswire/ -- Riverdale Capital Ltd. (Pinks Sheets: RICP) announces that financing arrangements for the acquisition of WSPVA Bio Products International, LLC, a Nevada LLC ("WSPVA") have been withdrawn by Canadian investors due to the disclosure of a December 9, 2010 uncontested judgment against 1st Texas Natural Gas Company, the predecessor company to RICP.
Carl Kruse, CPA, the Company's President stated, "The acquisition which gave RICP a unique position in the green-technology arena of North America and provided an exciting platform for growth in the green-friendly clean-products markets had to be rescinded because investors in Canada withdrew their funding commitments and a decision by WSPVA to rescind the Agreement, because of a December 9, 2010 uncontested judgment against Jim Dial and 1st Texas Natural Gas Company, the predecessor company to RICP. Current management had no knowledge of the lawsuit or the judgment until today."
About Riverdale Capital - The Company is dedicated to helping stop the needless contamination of our environment and to reduce our reliance on oil (a major component of plastic) through use of the Company's patented Polyvinyl Alcohol ("PVA") 100% biodegradable, non-toxic and water-soluble plastic.
SOURCE Riverdale Capital Ltd.