FSC / Press Release
Update Respecting Intercap's Sale of Its Subsidiary
Edmonton, Alberta CANADA, November 06, 2009 /FSC/ - Intercap eCommerce Inc. (IEG - TSX Venture), announces that further to its press releases of August 28, 2009, the second payment made in accordance with the terms of the agreement of purchase and sale of Shanghai Al Window Co. Ltd. (the "Subsidiary") between the Company, CCS Capital Management Inc. ("CCS") and Hongkong Baolifeng Ltd. ("HBL") dated April 28, 2009, was paid on October 15, 2009. Based on an exchange rate of 0.1513 on October 15, 2009, HBL paid the amount of CDN$301,390 to the Company and CDN$61,730 to CCS for a total amount of CDN$363,120 (RMB 2,400,000), representing the respective ownership of the Subsidiary.
Although the final payment of the balance of RMB 3 million (and based on an exchange rate of 0.1629 as at the date of the Information Circular, approximately CDN $488,700) was to be paid by no later than October 30, 2009, this payment has not yet been made as the Company is still awaiting approval of this transaction from the Shanghai Municipal Government. The Company will issue a further press release once it has received approval from the Shanghai Municipal Government and final payment has been made.
For further information contact:
Huifen Zhang
Chief Financial Officer and Corporate Secretary
hzhang@intercapecommerece.com
Phone: (780) 487-9978
Fax: (780) 487-9918
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Source: Intercap eCommerce Inc. (IEG - TSXV) http://www.echinacan.com
Maximum News Dissemination by Filing Services Canada Inc. *
www.usetdas.com
