Pender International, Inc. Announces Reorganization of Company
Pender International Inc. (the "Company") (OTCBB:PNDR) announces that it has effected a corporate reorganization, including a sale of its wholly-owned subsidiaries.
The Company, which is being renamed VIANET Technology Group, Ltd., will undertake a 1-for-10 reverse stock split of its common stock with both changes taking effect at the close of business today. The Company's new trading symbol as of Friday, July 1, 2005 will be "VTGL."
The Company has sold 100% of its share in its wholly-owned subsidiary Montebello Developments Corp. ("Montebello") to Brookstreet Capital Corp. for US$250,000. The Company also sold 100% of its share in its wholly-owned subsidiary IMM Investments, Inc. ("IMM") to Blazing Holdings Inc. for US$3,000,000. Montebello was the property and land development subsidiary and IMM was the natural resources subsidiary.
Certain statements in this press release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbour created by those rules, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
Pender International Inc.
Vic Dominelli, 905-882-0221
www.penderinternationalinc.com
