LOS ANGELES, March 7, 2012 (GLOBE NEWSWIRE) -- ParaFin Corporation (Pink Sheets:PFNO) owns eight hundred ING Bank N.V. Bearer Bonds with an estimated value of US$1.68 billion.
ParaFin Corporation has increased its efforts to reach a settlement with ING regarding the Bonds. In a letter received from Lawyers for ING dated November 9, 2011, they stated, "We reaffirm that ING still intends to resolve this matter and therefore once again offers to resolve this matter by inspection of the original Bonds, conducted in your presence by ING personnel in Amsterdam."
A meeting to resolve the matter has been proposed by representatives and Lawyers for ParaFin for sometime in January of 2012. Terms of the meeting and names of participants are being submitted by ParaFin's Lawyer.
About ParaFin Corporation
ParaFin Corporation, a Development Stage company, engages in the acquisition and exploration of Oil and Gas properties. The company was founded in 1978 and is based in Reno, Nevada. The potential of Hydrocarbon Concessions and other opportunities in the Oil & Gas industry have continued to be the focus of the Corporation from 1978 until the present. Effective March 30th, 2010, the Board of Directors of ParaFin Corporation have authorized the President to negotiate the acquisition of Hydrocarbon Assets in North America.
Outstanding Float: 4,680,280,671
Disclaimer: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to those, set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at http://www.sec.gov/). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.