N@N

York Ridge Lifetech Inc. announces the acquisition of Acadian Energy Holdings Inc.

^{Published on 2010-06-30 10:50:30 - Market Wire}
 

 About Acadian ------------- 

 About York Ridge Lifetech Inc. ------------------------------ 

 The Qualifying Transaction -------------------------- 

 (a) the Corporation shall amend its articles so that the issued and outstanding shares of the Corporation are consolidated on the basis of one new share for four existing shares (the "Share Consolidation"); (b) Principals of Acadian will convert a portion of the outstanding indebtedness of Acadian Energy owing to them into Acadian Units (as defined below); (c) York Ridge Amalco Inc. ("Newco"), a wholly-owned subsidiary of the Corporation incorporated under the laws of the State of Delaware, the Corporation and Acadian will engage in a "three cornered" amalgamation whereby Acadian and Newco will merge to form a new corporation ("Amalco") which will be wholly-owned by the Corporation. Pursuant to the merger, Acadian shareholders will receive one post-consolidation resulting issuer share ("Resulting Issuer Share") for every Acadian common share previously held; and (d) Acadian options, private placement warrants and broker warrants will be exchanged for comparable securities of the Corporation. 

 ------------------------------------------------------------------------- Resulting Issuer Securities After Giving Effect to the Consolidation, Private Placement and Qualifying Transaction ------------------------------------------------------------------------- Minimum Private Maximum Private Placement Placement ------------------------------------------------------------------------- Resulting Issuer Shares issued and outstanding 18,961,327 23,425,613 ------------------------------------------------------------------------- Resulting Issuer Shares reserved for issuance pursuant to Options and Warrants ------------------------------------------------------------------------- Options to directors and officers of the Corporation 71,250 71,250 ------------------------------------------------------------------------- Options to directors and officers of the Resulting Issuer 637,500 637,500 ------------------------------------------------------------------------- Options to employees and consultants of Acadian or its subsidiaries or affiliates 75,000 75,000 ------------------------------------------------------------------------- Resulting Issuer Private Placement Warrants 4,464,286 8,928,571 ------------------------------------------------------------------------- Resulting Issuer Broker Warrants ------------------------------------------------------------------------- Shares 312,500 625,000 ------------------------------------------------------------------------- Warrant Shares 312,500 625,000 ------------------------------------------------------------------------- Debt Conversion 391,684 391,684 ------------------------------------------------------------------------- Sub Total: Shares Under Options and Warrants: 6,264,720 11,354,005 ------------------------------------------------------------------------- Total Number of Fully Diluted Securities 25,226,046 34,779,618 ------------------------------------------------------------------------- 

 Selected Pro Forma Consolidated Financial Information ----------------------------------------------------- 

 -------------------------------------- Current Assets $4,614,643 -------------------------------------- Total Assets $5,538,798 -------------------------------------- Current Liabilities $89,941 -------------------------------------- Total Liabilities $1,259,949 -------------------------------------- Shareholders' Equity (Deficiency) $4,278,849 -------------------------------------- Pro Forma Consolidated Working Capital Summary ---------------------------------------------- 

 Available Funds and Principal Uses of Funds ------------------------------------------- 

 ------------------------------------------------------------------------- Minimum Maximum ------------------------------------------------------------------------- Sources ($) ($) ------------------------------------------------------------------------- Estimated working capital of York Ridge 218,288 218,288 Estimated working capital of Acadian 15,740 15,740 Proceeds from Private Placement 4,922,230 9,844,460 ----------------------------- Total Available Funds 5,156,258 10,078,488 ----------------------------- ----------------------------- Uses ($) ($) ------------------------------------------------------------------------- Costs related to the Qualifying Transaction 287,000 287,000 Costs related to the Private Placement 344,556 689,112 Expenditures related to: General and Administrative 1,846,206 1,846,206 Existing wells on-line 896,000 896,000 Drilling wells 1,707,496 6,285,170 Lease acquisitions 75,000 75,000 ----------------------------- Total Uses 5,156,258 10,078,488 ----------------------------- ----------------------------- ------------------------------------------------------------------------- 

 Tax Considerations ------------------ 

 Sponsorship ----------- 

 Arm's Length Transaction ------------------------ 

 Board of Directors and Management --------------------------------- Immediately following completion of the Qualifying Transaction: (a) the board of directors of the Resulting Issuer is expected to be comprised of the following five individuals: Mark Lawrence, John E. McDevitt, Gilbert A. Smith, James Macintosh and Kevin D. Stulp; and (b) the audit committee of the Resulting Issuer is expected to be comprised of: Mark Lawrence, James Macintosh and Kevin D. Stulp. 

 John E. McDevitt - Chairman and Chief Executive Officer Gilbert A. Smith - President and Chief Operating Officer Timothy C. Williams - Vice President, Chief Financial Officer and Secretary 

 Special Meeting --------------- 

 (a) the Share Consolidation; (b) the amendment of the articles of the Corporation (the "Share Capital Amendment") to create a new class of convertible restricted voting shares (the "Restricted Voting Shares"). The restrictions on the Restricted Voting Shares are designed to prevent the Corporation from becoming a "Domestic Issuer" as defined in the United States Securities Exchange Act of 1933) at the close of the Qualifying Transaction; (c) the change of the name of the Corporation to "Acadian Energy Inc." or such other name as may be deemed appropriate (the "Name Change"); and (d) an amendment and restatement of the current stock option plan (the "New Stock Plan"). 

 United States Securities Act of 1933 ------------------------------------ 

 Conditions ----------