TORONTO, ONTARIO -- (Marketwire) -- 03/10/12 -- Penfold Capital Acquisition IV Corporation ("Penfold") (TSX VENTURE: PLD.P) is pleased to provide this Press Release to its shareholders and members of the public to update shareholders and others with respect to its proposed and previously announced "qualifying transaction" with SLM Logistics Corporation ("SML").
Subject to TSX Venture Exchange ("TSXV") approval, Penfold intends on lending SLM, on a fully secured basis, $150,000 in accordance with the rules of the TSXV and subject to the approval of the board of directors of SLM and Penfold of the proposed use of proceeds for the loan.
Subject to completion of satisfactory due diligence and certain other conditions, Northern Securities Inc. has agreed to act as sponsor in connection with the transaction. An agreement to sponsor should not be construed as any assurance with respect to the merits of the transaction or the likelihood of completion.
SLM was incorporated in Ontario in 2004 and is dedicated to manage consumer and retail store returns, defective and problematic electronics to product end of life management. SLM provides accountable management of returns from receiving to end of life with quality assurance testing; factory servicing of returns; resale of returns through non traditional channels; and recycling of non saleable product to support a closed loop first tier distribution process. SLM is unique in that it is able to fully recycle the non saleable returns it receives thereby allowing customers' return processes to have a very low environmental impact. SLM has had an independent Waste Audit Report completed which shows SLM is able to achieve a waste diversion rate of 98.61%. This means that companies working with SLM's processes are able to divert 98.61% of their product from landfill sites.
SLM is currently working on rolling out this product offering to a number of retailers to allow them to better capture the environmentally conscience consumer. SLM currently operates only in Ontario.
The information included herein about SLM was provided to Penfold by SLM.
Penfold Capital is a private holding company. We invest in public and private assets operating in telecommunications, clean technology, real estate and financing services. We work with private and public company's developing and implementing succession planning and completing strategic reviews. Penfold Capital Acquisition IV Corp. is a CPC company founded by Penfold Capital Corporation.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties, and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although SLM and Penfold believe that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, SLM and Penfold disclaim any intention and assume no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.