Paradise hopes to complete acquisition of Far East end April

By Alexander Ginting

Scottsdale-based Paradise Ridge Hydrocarbons Inc has recently announced that the proposed acquisition of Far East Ventures Holdings Ltd, a Hong Kong based company with an investment platform comprising high growth investments in South East Asia, is progressing well and major conditions precedent to closing have been satisfied.

The company said in a statement last week that the final closing of the acquisition is expected by the end of April, at which time the name of the company will be changed to Far East Ventures Holdings Ltd. along with application for a new ticker symbol.

Paradise CEO David Naylor stated; "I am pleased to confirm that our acquisition of Far East is close to finalization. I am also pleased to report that Far East's underlying business continues to benefit from the sustained appreciation of the gold price, which is now at three year highs. As the operator of producing gold mines in Indonesia, and with acquisitions of additional facilities in Indonesia and Philippines slated within the 2nd quarter, the company is developing a significant revenue stream from gold production."

Naylor continued by stating, "As part of its strategy of building a platform of high growth investments, Far East is also in the process of crystallizing its move into cement and building products both in the Philippines and northern Indonesia beginning with the acquisition of a 1 million tpa cement plant in Cebu Philippines. With this acquisition, we look forward to building a valuable, high growth investment platform for our shareholders."

Editing by Reiner Simanjuntak