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Published in House and Home on Friday, August 5th 2011 at 20:40 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
Aventura Resorts Announces Name Change to Borneo Resource Investments Ltd. -- BELLEVUE, Wash., Aug. 5, 2011 /PRNewswire/ --
Aventura Resorts Announces Name Change to Borneo Resource Investments Ltd.
Name Change Part of Reverse Split and Merger Agreement
BELLEVUE, Wash., Aug. 5, 2011 /PRNewswire/ -- Aventura Resorts, Inc. (Pink Sheets: [ AVTJ ]) announced, as part of a reverse stock split and merger, that it has changed its name to Borneo Resource Investments Ltd., effective as of August 5, 2011. In connection with the name change and reverse stock split, a "D" will be appended to our stock symbol as the 5th character (Pink Sheets: [ AVTJD ]) for 20 business days through September 1, 2011.
After the name change and also effective August 5, 2011, Borneo Resource Investments will implement a 1:100 reverse stock split of its common stock and will issue one share of common stock for every 100 common shares owned before the reverse stock split. As a result, Borneo Resource Investments will have 3,167,269 shares outstanding before the merger.
Following the reverse stock split, a wholly-owned subsidiary of Borneo Resource Investments will enter into a merger with Interich International Limited, a British Virgin Islands corporation. As a result of the merger, Interich International Limited will be issued 60,178,073 shares of Borneo Resource Investments common stock and own 95% of the outstanding common stock.
After the merger, Interich International Limited, will operate as a subsidiary of Borneo Resource Investments. Interich, through an arrangement with an Indonesian registered company, has been granted exclusive exploration and development rights for up to 6,000 hectares of a coal reserve in East Kalimantan, Indonesia located at Tanah Bumbuh. The officers and directors of Borneo Resource Investments before the merger will resign and Nils A. Ollquist, the President of Interich International Limited will be appointed as the Chief Executive Officer of Borneo Resource Investments.
Forward-Looking Statements
Statements contained in this press release, which are not historical facts, are forward-looking statements that are based largely on current expectations and involve known and unknown risks, uncertainties and other factors beyond our control that could cause actual events and results to differ materially from these statements. Risks, uncertainties and such other factors include the possibility that the expected benefits of the name change, reverse stock split and reverse merger may not materialize as expected. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which are relevant as of the date of the given press release and should not be relied upon as of any subsequent date. Borneo Resource Investments Ltd. undertakes no obligation to update the forward-looking information contained in this press release.
SOURCE Aventura Resorts, Inc.; Borneo Resource Investments Ltd.
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