BLAINE, Wash., Nov. 29, 2002 (PRIMEZONE) -- Balsam Ventures, Inc. (OTCBB:BLSV) (Berlin:BV7) ("the company") is pleased to announce the appointment of Mr. David T. Lam to its Board of Directors and as its President and Chief Executive Officer.
Mr. Lam is the President and Chief Executive Officer of Mediverse International, Inc. of Arcadia, California, since 1994. Mediverse is a medical device exporting company and Mr. Lam is responsible for domestic strategic alliances and building the distribution network in Far East Asia. Mr. Lam is also the Managing Director of Topher Investment, L.L.C., since 1997, where he focuses on the acquisition/sales of commercial real estate investments and property management.
Mr. Lam will be heading the company to introduce the InstaCool technology to his already established distribution network in Asia where his expertise, experience and knowledge of the Chinese business infrastructure and his command of the Chinese language, culture and customs will be an enormous asset to the company in its effort to solidly infiltrate this strong consumer market with a population of 1.4 billion. Having invested years in developing elite sophisticated business relationships in China, including the beverage and packaging industries, Mr. Lam has yielded practical and significant progress in the initial introduction of the InstaCool technology to the local major distributors.
Balsam is the owner of the exclusive global licensing rights to the InstaCool(tm) cooling system for bottled and canned drinks. InstaCool(tm) is a unique proprietary patented technology, which may be utilized with any aluminum, glass or plastic (PET) container for soft drinks, beer, juice or water and which chills the beverage quickly when opened by the consumer. Retail sales for the beverage industry reach into the hundreds of billions of dollars annually on a worldwide basis, and over 100 billion cans are produced annually in the U.S. alone.
Public Company Disclosure
This document may contain certain forward-looking statements regarding Balsam Ventures Inc., including statements about its operations, prospects and expectations about future financial results, including, but not limited to, future revenues and earnings. The words "estimate," "possible," "expects," "anticipates," "believes," "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. These forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially and are subject to change at any time. The Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including those risks and uncertainties detailed in the Company's Annual Report on Form 10-KSB for the year ended December 31, 2001 filed with the SEC as well as subsequent forms 8-Ks, 10-Qs, 14-C and S-8 registrations.