TORONTO, Feb. 9, 2011 (GLOBE NEWSWIRE) -- Aspire International Inc. (Pink Sheets:APIT) today announced that it has entered into a binding agreement to divest itself of its wholly-owned subsidiary, Perfisans Networks Corporation, a semiconductor company providing chip solutions to the networking and storage sectors.
The terms of the agreement call for a group led by Perfisans' founders, To-Hon Lam and Bok Wong, to acquire Aspire's entire interest in Perfisans in exchange for a token cash payment and the assumption of $2,000,000 of Aspire debt.
Aspire President and CEO Bok Wong commented, "This move is a first step in realigning our corporate structure to optimize the allocation of our time and resources to our core activities, which have changed considerably since Perfisans was acquired in 2003."
He noted, "The terms of the transaction provide significant immediate value to Aspire's shareholders by virtue of the very substantial reduction in Aspire debt. We expect to continue this value creation process with additional strategic transactions in the coming weeks and months."
About Aspire International
Aspire International Inc. is a Maryland corporation whose executive offices are in Toronto, Ont. Canada. Through its Chinese subsidiary, Aspire GuangXi Inc., a Wholly Foreign Owned Enterprise (WFOE), the company is engaged primarily in the acquisition, exploration and development of mineral properties in the Guangxi Zhuang Autonomous Region of southern China, prospective in particular for manganese and gold.
Aspire's principal manganese mining property covers an area of 21.3 square kilometers containing 7.4 million metric tons of ore according to an NI 43-101 compliant report certified by a qualified geologist with more than thirty years experience. The on-site operations are led by a highly capable Chinese management team.
Recently, Aspire entered into a LOI to acquire a majority interest in a 3.95 square kilometer concession (also located in the Guangxi Zhuang Autonomous Region) known to contain a minimum of five zones of gold mineralization, of which two are in production and considered economically viable. The property contains an Inferred Resource of 465,616 ounces of gold, with average grades of 0.3563 ounces or 10.18 grams per ton contained in 1.29 million metric tons of ore, according to government geologists and recent geological survey work.
More information can be obtained from the Company's web sites at .
Cautionary Note About our Forward-Looking Statements
Statements made herein regarding the intent, belief or current expectations of Aspire International Inc. are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions, risks and uncertainties, many of which are beyond our control, and any of which could cause our actual future results to differ materially from our stated expectations today. Prospective investors are cautioned that our forward-looking statements are never guarantees of future performance.
Important factors currently known to management that could cause our actual future results to differ materially from those indicated in our forward-looking statements today include the cyclical nature of the mining industry and the many markets addressed by the company and its customers' production; a change in demand for and market acceptance of new and any existing production; discoveries and grades could be less than expected or tonnage and other estimates less than anticipated; unforeseen technical problems may arise in the development, mining and production of many ores and minerals; the timing of new or additional production; changes in production and range of materials; production and mineral obsolescence; competition and availability of manufacturing capacity; fluctuations in mining and manufacturing yields; pricing pressures and other competitive factors; the ability to develop new and existing deposits and to obtain permits and licenses; the uncertainties of litigation; our ability to attract and retain qualified personnel; as well as other risks and uncertainties of mines and mining, including those detailed from time to time in Aspire's Securities and Exchange Commission filings
Our forward-looking statements herein are made only as of the date hereof. Except as required by applicable law, we undertake no obligation to update or revise these statements to reflect changed assumptions, the occurrence of unanticipated future events or changes in our future operating results.
CONTACT: Investor Relations CenterPoint Communications Group, LLC Todd Lorenze 386-775-2020 x 1 www.centerpointcg.com