VANCOUVER, British Columbia, Jan. 21, 2014 (GLOBE NEWSWIRE) -- Olie Inc. (OTCQB:OLIE) (Olie) President, Robert Gardner, is pleased to confirm that it has completed its negotiations with MVP Holdings Inc. (MVP), a private company, to become a wholly owned subsidiary of Olie Inc. MVP currently holds over $35,000,000 in unaudited net stockholders' equity, with $34,444,500 deposited by investors in an intermediary account for the benefit of MVP. The acquisition contract has been executed whereby MVP and its stockholders will be acquired by Olie in exchange for anti-dilutive convertible preferred stock of Olie. The transaction is subject to the completion of the consolidated financial statements of MVP.
Robert Gardner, President of Olie states, "The acquisition of MVP is an excellent joint venture because of the net stock holders' equity that MVP retains. At present MVP has over $35,000,000 in net stock holders' equity, with the majority being held in restricted cash. There is a further $625,000 in payments made by MVP for an algorithmic Forex trading platform that is utilized in its business."
Safe Harbor Statement:
This release may include "forward looking statements" within the meaning of Section 27 A of the Securities Act 1933 as amended, and Section 21 E and /or 27 E of the Securities Exchange Act of 1934, that are based on assumptions that in the future are inherently uncertain, may prove not to be accurate, and are subject to significant risks and uncertainties. These include, but are not limited to statements as to the future performance of the company, its ability to raise necessary financing, and other general economic risks and uncertainties.
Robert C. Gardner, President Phone: 604 669-9000 E-mail: Website: www.olietech.com