NEW YORK, Feb. 28, 2011 (GLOBE NEWSWIRE) -- El Maniel International Inc (Pink Sheets:EMLL) Chief Executive Officer, Jamie Khoo, has announced today that on 16 February 2011, the company has entered into a Definitive Agreement with Agona Rural Bank who was represented by its Managing Director, Mr John Ofori Jr., under its Rural Community Bank Acquisition Program to acquire 20% stakes of the rural community bank. "We are very pleased with this landmark initiative in the African continent and we are very excited about the underlying synergies and opportunities in next phase of our mutual endeavors, which presented an outstanding milestone towards the collective benefits in favor of our shareholders, customers, employees and the community served," stated Jamie Khoo, who is also the President of El Maniel International Inc.
Agona Rural Bank is headquartered in Agona Kwanyako in the Central Region of Ghana, West Africa and Agona Rural Bank brings to the affiliation a large array of banking and investment opportunities, as well as a stellar record of earnings and dividends growth. "El Maniel International Inc will re-energize Agona Kwanyako's rural banking marketplace with focus on fostering loans to small medium enterprises while indirectly maximizes and expands the capabilities of its gold trading arm, EMLL Mining Limited, by gaining access to a reservoir of resources and network of small-scale gold miners which will eventually increase the company's bottom-line," according to Jamie Khoo. "The Definitive Agreement has been approved by the board of directors of Agona Rural Bank and the acquisition is expected to close by Q3 of 2011 where El Maniel International Inc will also be appointing 2 representatives to the board of the esteemed rural community bank."
El Maniel is currently focused on prospecting, developing and expanding the economic potential of world class mining claims located in Ghana, West Africa and the company is committed to shareholder's value creation by ensuring constant development of current and new resources in the region. For further information and updates on El Maniel, stay tuned to
"SAFE HARBOR " STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward-looking statement to reflect changes in the Company's expectations or future events
CONTACT: El Maniel International, Inc. Investor Relations Contact: 212-726-2179 IR@elmaniel.com