TORONTO, ONTARIO--(Marketwired - Sept. 11, 2014) - GreenStar Agricultural Corporation (TSX VENTURE:GRE) ("GreenStar" or the "Company") reports that the Company's Canadian Management has recently discovered that the real property of the Company's Chinese operating subsidiary, Fujian Pucheng Star of Green Foodstuff Co., Ltd. ("Fujian GreenStar") was put up for auction by a Chinese Financial Institution for a judgement granted by the local courts. Canadian management is trying to obtain further details on the court judgement which resulted in the unsuccessful auction of the real property.
Due to various inconsistencies, contradictory statements and documents provided to Canadian Management by China based Management (as disclosed in the news release dated September 4, 2014) the Canadian directors have been unable to date to determine the exact facts and circumstances leading to the real property of the Company being put up for auction. The Board has been advised by Mr. Guan, GreenStar's Chairman, President and CEO, that the court auction was the result of enforcement of security granted to the local credit union for certain unpaid loans the full details of which have not been provided to the Board and Canadian management.
At this point, the Audit Committee and Canadian Board and Management have strong concerns about unauthorized activities in China. The Company has repeatedly requested further information, documentation and funding from Mr. Guan without success.
Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute ''forward looking'' statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as ''may'', ''will'', ''expect'', ''believe'', ''plan'' and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward looking information in this press release includes, but is not limited to but is not limited to, Canadian management's expectation on difficulty in safeguarding Company assets in China. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking information contained in this press release include, but are not limited to: international, national and local business and economic conditions; political or economic instability in the Company's markets; competition; legislation and governmental regulation; and accounting policies and practices. The foregoing list of factors is not exhaustive. Please see the Company's annual MD&A dated April 25, 2013, available on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.
GreenStar Agricultural Corporation