latest news releases from the newsroom
Pinnacle Developments, Inc.
Pinnacle Developments Inc. Announces Acquisition of Cantech Fibre Corporation
VANCOUVER, British Columbia, July 21, 2005 (PRIMEZONE) -- Pinnacle Developments Inc. (Pink Sheets:PNCV) announces the 100% acquisition of Cantech Fibre Corporation, a British Columbia company specializing in the manufacturing of hardwood and softwood cants and specialized wood products. On January 10, 2005, a merger agreement was entered into by the board of directors for the purchase of Cantech Fibre Corporation, and subsequently Cantech was merged into Pinnacle. All of the common stock in Cantech was exchanged for 2,000,000 shares of Pinnacle Developments Inc. Cantech has been actively negotiating for Timber Tenures from the Ministry of Forests in British Columbia, Canada. With 5,000,000 cubic meters of Mountain Pine Beetle infested wood up for bids, out of an approximate 200,000,000 cubic meters, Cantech has submitted applications for 50,000 cubic meter allotments. In addition to this Cantech is in negotiations to purchase milling assets from a major financial institution for $558,000 with a replacement value of $4,946,151. These assets and property will be used for wood milling and remanufacturing for sale to the U.S.A., China and Japan. Cantech has a current contract with a major wood milling and remanufacturing company to provide 800,000 bft per month of hardwood cants. This equates to approximately $2,000,000 in earnings per year.
Novartis Completes Tender Offer For Eon Labs, Inc. and Purchase of Majority Stake
BASEL, Switzerland, July 21, 2005 (PRIMEZONE) -- Novartis announced today that Zodnas Acquisition Corp., an indirect wholly owned subsidiary of Novartis AG, has successfully completed its tender offer for the outstanding public shares of Eon Labs, Inc. The tender offer expired at 5:30 pm New York City time on July 20, 2005. In addition, Novartis also completed its purchase of the 67.7 percent stake in Eon Labs owned by Santo Holding (Deutschland) GmbH.
STOCKHOLM, Sweden, July 21, 2005 (PRIMEZONE) -- Skanska: In conjunction with the release of the six month report of 2005 on Thursday July 28, you are invited to participate in a