TORONTO, May 28, 2008 (PRIME NEWSWIRE) -- Carthew Bay Technologies Inc. (OTCBB:CWBYF) (the "Company" or "CBT"), formerly Astris Energi Inc., announced today that it has executed the Agreement and Plan of Merger ("RTO"), a transaction whereby shares of CBT will be exchanged for all of the issued and outstanding shares of Colorep Inc. ("Colorep"), and also advanced the second $1 million in respect of the secured debenture financing related thereto.
The closing of the RTO transaction remains subject to the satisfaction of certain conditions including, but not limited to Shareholder approval by both companies and the effectiveness of a Registration Statement covering the shares to be issued to Colorep shareholders. These conditions are expected to be satisfied late this year.
"We continue to be excited about this opportunity for our shareholders, particularly in light of Colorep's recent US$23.9 million equity financing and the closing of the TransprintUSA acquisition," said Michael Liik, President and CEO of CBT.
About Colorep and Transprint USA
Colorep, Inc. (www.colorep.com) is a leader in subsurface printing and fabric dyeing technologies, providing products and services to the promotion, apparel, commercial furnishings and home decor markets. Colorep provides these services to companies through its wholly-owned subsidiary, BetaColor LLC, its printing applications division and through the licensing of its technology to manufacturers in these addressable markets. Colorep's technology encompasses a range of advances in the coloration and decoration of fabrics, plastics and coated metals. Its AirDye technology introduces coloration of fabric without negative environmental impacts (www.airdye.com and www.ecobanner.com).
Transprint USA, Inc., a wholly-owned subsidiary of Colorep ("Transprint") (www.transprintusa.com), is a leading supplier of transfer-printing paper for decorating polyester, polyester rich substrates and certain other synthetic materials. With a design library of over 12,000 designs, Transprint is a leader in design choice and innovation. Transprint's products include Transwide(tm), a patented, exclusive product providing transfer-printing paper up to 126" (320cms) and Transeeze(tm), a release paper product for the printing of vinyl and other plastics. Transprint supplies its worldwide customer base through a direct sales force and agents located in a number of foreign countries.
Notes on Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements with respect to CBT's plans, objectives, expectations and intentions and other statements identified by words such as "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," or similar expressions. These statements are based upon the current assumptions, beliefs and expectations of CBT's management and are subject to known and unknown risks and uncertainties, many of which are beyond CBT's control. Such risks include those detailed in CBT's filings with the Securities and Exchange Commission and the Alberta Securities Commission. Actual results may differ from those set forth in the forward-looking statements. CBT undertakes no obligation to update any forward-looking statements, except as required by law.