Ponderous Panda Capital Corp. Announces Expiration of Letter of Intent and Termination of Proposed Qualifying Transaction with Veridyne Power Corp.
Vancouver, British Columbia - TheNewswire - March 25, 2020 - Ponderous Panda Capital Corp. ("PPCC" or the "Company") (TSXV:PPCC.P), a capital pool company, announces that the Letter of Intent PPCC had entered into with Veridyne Power Corp. as announced by News Release dated August 28, 2019 has expired and will not be extended by the parties.
The parties made extensive efforts to complete the proposed transaction, however market conditions are such that the proposed transaction could not be completed within a timeframe that met the parties' expectations.
As a result PPCC is now actively seeking a business to acquire as its qualifying transaction.
Other Information and Updates
PPCC will continue to provide further details in respect of any proposed qualifying transaction, in due course, by way of news releases.
PPCC is a capital pool company. The Company is engaged in the identification and evaluation of assets or businesses with a view to completing a qualifying transaction.
For further information please contact:
David W. Smalley, President and C.E.O.
Ponderous Panda Capital Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release