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May 22, 2013 /PRNewswire/ - Asantae Holdings International Inc. (TSX-V: JVA; OTC: ASNHF) (the "Company") is pleased to report several key corporate developments.
Appointment of Douglas Ridley as President The Company is pleased to announce the appointment of
Douglas Ridley as President. Mr. Ridley has previously been an advisor to the Company's Board of Directors and management team during its turn-around that commenced late 2011. He will assume his new position upon closing of the private placement that is also announced today.
Mr. Ridley has extensive experience in network marketing management both in the sales field and corporate roles, in both private and public companies. Doug led another network marketing start-up (Quorum International) to
$125 million annual sales in less than three years, with
$20 million in profit. More recently he has been instrumental in the turn around of two smaller network marketing companies. As a successful distributor Doug led a field organization of over 10,000 people that generated
$25 million in annual sales volume.
Doug has over 25 years of experience in network marketing and brings a track record of performance, leadership, and demonstrable results. "We are fortunate to have someone of Doug's talents and abilities as part of the team. His vast experience both in the highest levels of corporate management and field leadership has allowed everyone from our board members to distributors to know we've positioned ourselves for success," said CEO,
Dan Lundell. He further stated, "We have been pleased with Doug's influence on the company's dramatic improvements over the past year and expect him to have a much greater impact on our growth well into the future as President."
New Company Name Asantae announces that, subject to the approval of the TSX Venture Exchange, the Company will be changing its name to Avidus Management Group Inc. Its new trading symbol will be "AVD." All other entities and related companies names will remain the same.
Private Placement The Company announces a private placement pursuant to which the Company will issue up to 13,000,000 units (each a "Unit") at a price of
$0.05 per Unit for gross proceeds of up to
Each Unit will be comprised of one common share and one transferable common share purchase warrant (each a "Warrant") and each whole Warrant will entitle the holder thereof to purchase an additional common share of the Company at an exercise price of
$0.10 per share for 36 months from the Closing Date of the Private Placement.
The securities issued in connection with the private placement and any shares issued in connection with the exercise of Warrants will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. Closing of the private placement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange.