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Posted: August 15, 2008
Nanotech Sciences Corp. Terminates Letter of Intent to Acquire Natcore Technology
(Nanowerk News) Nanotech Sciences Corp. (the "Corporation")(TSX VENTURE:NAN.P) a capital pool company, announced today the termination of the letter of intent dated June 17, 2008, as amended (the "Agreement"), pursuant to which the Corporation had conditionally agreed to acquire all of the issued and outstanding securities of Natcore Technology, Inc. ("Natcore") as its qualifying transaction. The Corporation terminated the Agreement because it was unable to satisfactorily complete its due diligence review of Natcore. The Corporation's board of directors have determined that they can not proceed with the transaction as presently structured and that it is in its best interests to terminate the Agreement and to resume the process of identifying and evaluating businesses and assets with a view to completing its potential qualifying transaction.
The Corporation has requested repayment of the demand loan dated July 18, 2008 with Natcore in the amount of $100,000, which was provided to Natcore to cover cost associated with completion of the qualifying transaction.
The Corporation will resume its process of identifying and evaluating businesses and assets with a view to completing a potential qualifying transaction.
It is expected that trading will resume in the common shares of the Corporation on the TSX Venture Exchange on or about Tuesday August 19, 2008.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.