Monday, August 29, 2011 10:07:53 AM
Yamana Gold, Inc. Announces Aquisition of Crowne Ventures, Inc.
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By Whitney Kisling .
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New York, N.Y., August, 29 2011 5 :30 A.M. EST /Bloomberg News/ -- Yamana Gold, Inc. (NYSE: AUY) is pleased to announce that the aquisition of Crowne Ventures, Inc (OTC.PK:CRWV) should be finalized by early October 2011. Yamana Gold, Inc. has offered $4.50 USD per common share, and has gained the approval of major shareholders. Following the aquisition, Yamana Gold, Inc plans to rapidly increase their market share in precious metal exploration, extraction, and expliotation.
Xiao Yu Hou, CEO and President of Crowne Ventures, Inc., commented, "I am pleased at the enthusiasm shown by our shareholders. This aquisition should uniquely position Yamana Gold, Inc. to capitalize on the growing precious metals market, while adequately compensating existing and future shareholders. Who could have thought that our home office property would be worth an estimated $3 billion?" Ludovico Costa, COO and President of Yamana Gold, Inc., stated, " Crowne Ventures, Inc. holdings have great potential, and I look forward to closing this purchase and beginning a new direction for the Company."
Management will provide additional details shortly.
About Crowne Ventures, Inc. & About Yamana Gold, Inc
Crowne Ventures, Inc. focuses on developing video conferencing tool equipment. However, recently the Company has discovered a significant gold reserve on Company owned property. Crowne Ventures, Inc intends on honoring all aquisition proceedings. Yamana Gold, Inc. is a gold producer with gold production, gold development stage properties, exploration propertie, and land positions in Brazil, Argentina, Chile, Mexico and Colombia. The company foucses to build on this base through exisiting operating mine expansions and mine aquisitions.
FORWARD LOOKING STATEMENT
This press release contains forward-looking statements or predictions, including statements regarding the potential closing of an aquisition and the timing thereof, the characteristics and possible uses of the product candidates of each of Yamana Gold, Inc. and Crowne Ventures, Inc. and the potential benefits or value to shareholders of Crowne Ventures, Inc. Actual results may differ materially from these statements. For concerns associated with the Yamana Gold, Inc. aquisition, please contact Investor Relations.
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