ABBOTSFORD, BC, May 10, 2010 /PRNewswire via COMTEX/ -- ICS Copper Systems Ltd.
(ICX:TSX.V) With reference to the company's previous News Release 10-02 ICS is pleased to announce that further to the withdrawal of JVC/Chantete from the JV with ICS, the company has reached a final settlement agreement with JVC/Chantete whereby the encumbered loan granted to ICS by JVC in the sum of USD $125,000, was fully settled by ICS. We are pleased to have reached an agreement and the removal of the encumbrance of ICS assets and a settlement letter has been signed releasing all parties from all obligations and claims against each other.
New Activities ICS is presently reviewing its existing portfolio of properties in DRC and Zambia, as well as assessing the opportunity of further exploration/production properties in Africa and in North America. Due diligence is being undertaken with the assistance of independent geological consultants which will be reviewed by the Board.
Furthermore, various proposals have been submitted to the company for its EMEW plant that include JV opportunities as well as outright purchase of the equipment valued at approx USD 1.4M.
No agreement has been reached as of today and we will update in due course.
Board Restructuring We wish to advise the retirement of Chairman of the Board Richard Molyneux who served on the Board as a non executive Director in 2008 and who was subsequently unanimously appointed as Chairman of ICS. Richard has decided to retire from active Board involvement to pursue private interests and we thank him very much for his leadership and chairmanship over the last two and half years. In the interim period Markus Janser has accepted the role as Lead Director. Stephen Gregory also moves on to concentrate on his own company. We thank him for his contribution to the company and we wish him good luck.
ICS COPPER SYSTEMS LTD.
"Graham Chisholm" Graham Chisholm, President & CEO This release includes certain statements that are "forward-looking statements".
All statements in this release, other than statements of historical facts that address future exploration, development and production activities, and other circumstances, events and developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results, events and developments may differ materially from those in the forward-looking statements. The occurrence of certain risk factors, the probability of which is unknown, may also affect actual results, events and developments expected by the Company.
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.
SOURCE ICS Copper Systems Ltd.
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