Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, August 4, 2010 Balmoral FX Systems Inc. Acquires BioChem Solutions Inc.
MIAMI--([ BUSINESS WIRE ])--BALMORAL FX SYSTEMS INC. (Pink Sheets:BCHS),formerly BioChem Solutions Inc., by Consent to Act in Lieu of a meeting of the shareholders, the majority of the shareholders of record voted and approved to unwind the share exchange with The CKD Foundation. The 230,000,000 shares issued to CKD shareholders have been voluntarily returned to the companya™s transfer agent cancelled and returned to treasury. In conjunction with this the shareholders approved to remove and replace the existing board of directors and to file amendments to the articles of incorporation of the company that would effect a name change to Balmoral FX Systems Inc. Under the guideline of the regulatory and company act requirements the majority of shareholders agreed that the restructuring is in the best interest of the company. The name change took effect at the open of business July 29, 2010. The symbol will remain BCHS. Shareholders of record will be notified by the Companya™s transfer agent and may exchange their old shares of common stock for new shares of common stock.
Balmoral FX Systems Inc. has acquired the proprietary rights to trading platforms and automated trading systems developed by Sea Capital LLC providing all the rights in and to the trading platform and systems held and any future technology developed by Sea Capital LLC., Sea Capital LLC will appoint up to four new directors to the board of directors. The companya™s head office will be relocated to London U.K.
BioChem Solutions Inc. under the Agreement with Sea Capital LLC, will provide funding of 5,000,000 Euros on a best efforts basis for the further development and commercialization of the FX platforms and trading systems, applications and related products.
Balmoral FX Systems Inc. anticipates positive cash flow by the 4th quarter of 2010. For further information please visit the companya™s new website; [ www.balmoralfx.com ]
This Press Release contains certain forward-looking statements that are based on managementa™s expectations, estimates, projections and assumptions. Words such as aexpectsa aanticipatesa aplansa abelievesa ascheduleda aestimatesa and variations of these words and similar expressions are intended to identify forward-looking statements, which include but are not limited to projections of revenues, earnings, segment performance, cash flows, contract awards, and stability. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors beyond the control of management. All forward-looking statements speak only as of the date of this release, or, in the case of any documents incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to the company or any person acting on the companya™s behalf are qualified by the cautionary statements in this section. The company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this report.
