November 17, 2011 13:45 ET
CALGARY, ALBERTA--(Marketwire - Nov. 17, 2011) - AMG Bioenergy Resources Holdings Ltd. (the "Company") (TSX VENTURE:ABG), a Canadian publicly traded company, wishes to provide an update on the progress of its acquisition of a 133 hectare jatropha plantation and a 201 hectare eucalyptus plantation, and the associated land use rights (collectively the "Lands"), in the People's Republic of China (the "Transaction").
The Company had previously anticipated that the Transaction would be closed on or about October 21, 2011. However, new regulatory requirements in the People's Republic of China mandate a forty (40) day cooling-off period before the actual transfer of the Lands can occur. This period allows any stakeholders an opportunity to register any claims to the Lands or to protest transfer of the Lands. Consequently, the Company now anticipates the transfer to occur on or about December 15, 2011. However the Transaction will not be closed until all conditions of the Transaction are satisfied, including a satisfactory legal opinion as to the Company's interest in the Lands. Provided the Lands are transferred on December 15, 2011, the Company anticipates its Chinese counsel would render an opinion by December 18, 2011. Assuming such opinion were satisfactory, the Transaction would close at that time.
About AMG Bioenergy Resources Holdings Ltd.
The Company has been active in research and development of bio-fuel feedstock and biodiesel conversion with the intent of developing a business producing jatropha as a bio-fuel feedstock in the People's Republic of China and other parts of Asia.
ON BEHALF OF THE BOARD
Lee Shoong Lim, Managing Director
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