Lumonall and CleanWear Products Agree to Extend Closing Date
TORONTO, ONTARIO, Feb 02, 2010 (MARKETWIRE via COMTEX) -- Lumonall, Inc. (OTCBB:
LUMN), (the "Company" or "Lumonall") today announced that the closing of the
merger or acquisition of CleanWear Products Ltd. ("CleanWear") has been delayed.
On November 9, 2009, Lumonall and CleanWear, announced an acquisition transaction
that included several conditions precedent including satisfactory due diligence
by either party. Not all conditions have been met and therefore the parties
cannot proceed to close the transaction.
Lumonall and CleanWear have mutually agreed to an extension of the terms of the
letter of intent to March 31, 2010.
John Simmonds, Company CEO stated; "We remain committed to the premise that the
CleanWear transaction presents significant value to Lumonall and we expect to
clear the remaining obstacles prior to closing."
Jonathan Harris, CleanWear President and sole shareholder commented; "The
proposed transaction has several complicating elements which need to be agreed. I
hope that we can overcome the outstanding issues and move towards closing in due
course."
Note: This press release contains "forward looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on currently available competitive, financial and economic
data and management's views and assumptions regarding future events. Such
forward-looking statements are inherently uncertain. Lumonall cannot provide
assurances that the matters described in this press release will be successfully
completed or that the company will realize the anticipated benefits of any
transaction. Actual results may differ materially from those projected as a
result of certain risks and uncertainties, including but not limited to: global
economic and market conditions; the war on terrorism and the potential for war or
other hostilities in other parts of the world; the availability of financing and
lines of credit; successful integration of acquired or merged businesses; changes
in interest rates; management's ability to forecast revenues and control
expenses, especially on a quarterly basis; unexpected decline in revenues without
a corresponding and timely slowdown in expense growth; the company's ability to
retain key management and employees; intense competition and the company's
ability to meet demand at competitive prices and to continue to introduce new
products and new versions of existing products that keep pace with technological
developments, satisfy increasingly sophisticated customer requirements and
achieve market acceptance; relationships with significant suppliers and
customers; as well as other risks and uncertainties, including but not limited to
those detailed from time to time in Lumonall's SEC filings. Lumonall undertakes
no obligation to update information contained in this release. For further
information regarding risks and uncertainties associated with Lumonall's
business, please refer to the risks and uncertainties detailed from time to time
in Lumonall's SEC filings.
Contacts:
Lumonall Inc.
John G. Simmonds
905-833-2451
