TORONTO, Feb. 15, 2011 (GLOBE NEWSWIRE) -- Aspire International Inc. (Pink Sheets:APIT) today announced that it has acquired 100% of the assets of Candid Global Resources Hong Kong Limited, a Hong Kong corporation principally engaged in the operation of an international B2C online shopping mall.
In accordance with the terms of the asset purchase agreement, Aspire acquired all of the assets of Candid Global with Aspire common shares, restricted per SEC Rule 144. The transaction has closed and Aspire is now the sole owner of the online shopping mall business, including the entire customer and store base, as well as all patents, copyrights, trademarks, licenses and other intellectual property.
The online mall, at - "My Global Online Shop" - is a platform that enables anyone to start his or her own business online. It currently hosts over 80,000 active stores. Aspire management began due diligence with respect the acquisition in August 2010. My Global Online Shop has an excellent business model that has already shown impressive performance over a very short time frame with rapidly increasing cash flows and expects the business to grow significantly in 2011 and for many years to come, particularly building upon the extraordinarily rapid growth of Asia's burgeoning 3 Billion population reflecting success for Mygos so far.
Mygos has offices in Hong Kong and North America. Mr. Bernard Wong has been appointed as the CEO of the Asia Pacific Region and will lead the operation in China. He will be nominated to join the board of directors of Aspire.
Aspire President and CEO Bok Wong stated, "This transaction delivers extraordinary value to Aspire shareholders, with strong potential for substantial growth in revenue, profit and free cash flow as well."
About Aspire International
Aspire International Inc. is a Maryland corporation whose executive offices are in Toronto, Ont. Canada. The company just acquired and now operates a Hong Kong-based international B2C shopping mall. Also, through its Chinese subsidiary, Aspire GuangXi Inc., a Wholly Foreign Owned Enterprise (WFOE), it is engaged 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