Malaga Inc. (TSX:MLG) announced that it plans to sell all of its shares in Hidroeléctrica Pelagatos SAC, a 600-kW hydroelectric power plant, for $650,000.
MONTREAL, QUEBEC–(Marketwired – April 9, 2013) – Malaga Inc. (“MLG”) (TSX:MLG) reports that it has reached an agreement to sell all of its shares in Hidroeléctrica Pelagatos S.A.C. (“Hidropesac”) for cash proceeds of $650,000. Hidropesac owned and operated the 600kW hydro electric power plant. MLG has received a deposit of $325,000 and the balance will be received on closing which should occur within the coming weeks. All amounts are in US dollars unless otherwise indicated.
Finally Malaga cancelled its office operating lease in Canada reducing its operating lease commitments by $550,000.
This news release contains certain forward-looking statements or forward looking-information. These forward looking statements are subject to a variety of risks and uncertainties beyond the Corporation’s ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward looking statements. Such risks and uncertainties are disclosed under the heading “Risk Factors” in the Corporation’s Annual Information Form for the year ended December 31, 2012 and dated March 28, 2013. Further, forward-looking information is in addition based on various assumptions, including, without limitation, the expectation and beliefs of management, the assumed long term price of tungsten, that the Pasto Bueno property is a technical viable and economic operation and that the Corporation can access financing. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. The information provided reflects management’s current expectations regarding future events and performance as of the date of this news release. Accordingly, readers should not place undue reliance on forward-looking statements.