Magnum D'Or Resources Update on Tender Offer
Friday March 07, 2008 21:15:01 EST
FORT LAUDERDALE, Fla., Mar 07, 2008 (BUSINESS WIRE) --
Magnum D'Or Resources, Inc. (OTCBB:MDOR) (Magnum) announces today that the Company's Board of Directors met today to review recent developments associated with the previous buyout offer extended to the Company. The Board has determined that it is not in the best interest of the company or its shareholders to pursue a buyout at this time.
"The offer came on the heels of having several joint ventures on the table, some of which are in the final stages of negotiation. Magnum's growth potential is still unrealized in our current development stage considering we hold exclusivity to several key patents, trade secrets and highly proprietary technology," CEO Joseph Glusic stated.
Currently, the Company holds production contracts for deliverables in excess of $100,000,000 US, is entertaining several joint venture opportunities, and is in the preliminary roll out stage of its Cryogenic Crumb Rubber Facility, including a TPE Extension Plant. With all of these activities in place it is simply impossible for us to put a proper evaluation on the Company's potential.
Mr. Glusic, Chief Executive of the Company stated, "The recent offer to acquire Magnum is yet another confirmation that the Company continues to draw interest from a number of private and institutional investors. Although we feel that the offer was made in good faith, it did not represent the true value of the future prospects of Magnum. Furthermore, we will continue to pursue capital funding through the same channels with the intention of maintaining the company as a public entity." The details of the offer were asked to be kept confidential by the offering party until such time as its offer was accepted, or until such time that further funding negotiations are completed.
"Although I'm sure our shareholders are anxious to know the details involved in the offer, we will honor the request of the investors until we have completed all of our negotiations regarding potential funding through them. It is too premature to consider any change in control of the company until its full potential can be realized. There is just too much activity to warrant relinquishing control of our licenses and patents at this time."
To date, the Company has not entered into any financing agreements that include equity participation. Furthermore, it is in serious negotiations with several private and institutional investment groups in raising capital to fulfill its current contract obligations and institute its business plan.
