VANCOUVER, CANADA - Kaizen Discovery (TSXV: KZD) and Tower Resources Ltd. (TSXV: TWR) announced on February 2, 2015 that they entered into an Exclusivity Agreement as an initial step towards a proposed transaction which would see Kaizen acquire 100% of the outstanding common shares of Tower in an all-share transaction. The parties have agreed to extend the exclusivity period from March 15, 2015 to March 30, 2015 in order for both companies to complete their due diligence.
For more information on the proposed transaction, please refer to Kaizen's February 2, 2015 news release available at www.kaizendiscovery.com.
About Kaizen Discovery
Kaizen is a Canadian technology-focused, mineral exploration and development company. Kaizen entered into a collaboration agreement with ITOCHU Corporation of Japan in January 2014 and has access to HPX TechCo's proprietary geophysical Typhoon technology under a dedicated services agreement. Kaizen's long-term growth strategy is to work with Japanese entities to identify, explore and develop high-quality mineral projects that have the potential to produce and deliver minerals to Japan's industrial sector.
More information is available at www.kaizendiscovery.com.
KAIZEN CONTACT INFORMATION
B. Matthew Hornor
President and CEO
Executive Vice President - Corporate Development
TOWER CONTACT INFORMATION
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in both Kaizen's and Tower's periodic filings with Canadian securities regulators. When used in this press release, words such as "will, could, plan, estimate, expect, intend, may, potential, should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.
Forward-looking statements include, without limitation, statements regarding the execution of definitive agreements, completion and expected benefits of the proposed transaction; and other statements that are not historical facts. Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Kaizen and Tower operate, are inherently subject to significant operational, economic and competitive uncertainties and contingencies.
Assumptions upon which forward looking statements relating to the transaction have been made include that Kaizen and Tower will enter into and be able to satisfy the conditions in the Arrangement Agreement; that ongoing due diligence investigations of Kaizen and Tower will not identify any materially adverse facts or circumstances; that all required third party, regulatory, stock exchange, court and government approvals will be obtained; and that the transaction will be successfully concluded. In addition, the factors described or referred to in the section entitled "Risk Factors" in the MD&A of both companies and which are available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this news release.
Although Kaizen and Tower have attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the proposed transaction could be modified, restricted or not completed, and the results or events predicted in these forward looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, and Kaizen and Tower disclaim any intention or obligation to update or revise such information, except as required by applicable law, and neither Kaizen or Tower assume any liability for disclosure relating to the other company herein.