Message #3 From:
Jason Date: August 27, 2008 09:34:29 PM
DVCO Stock: Dravco Mining Inc. enters into Letter of Intent with ZoomNation, Inc.
VANCOUVER, BC, May 21 /PRNewswire-FirstCall/ - Dravco Mining Inc. (the
'Company' or 'Dravco') (OTCBB: DVCO stock) enters into Letter of Intent with
ZoomNation, Inc., a Washington based company ('Zoomnation').
On March 6, 2008, the Company entered into a Letter of Intent with
ZoomNation Inc., whereby it has agreed to complete an Agreement and Plan of
Merger and Reorganization (the 'Definitive Agreement') to acquire 100% of the
outstanding equity securities of ZoomNation Inc. subject to the following
conditions:
1. Dravco issuing 15,000,000 restricted shares of common stock to the
shareholders of ZoomNation Inc. on a pro-rata basis of the shares held in
ZoomNation Inc.
2. Dravco cancelling the 10,000,000 restricted shares of common stock
currently held by Rodney Lozinski, the company's current President and
director.
3. Dravco completing a private placement of not less than 3,500,000
common shares at a price of not less than $0.60 per share.
4. ZoomNation receiving new gross proceeds of $525,000 in bridge
financing to be completed at a 41.67% discount to the private placement ($0.35
per share) to be converted to common shares of Dravco at the time of Closing.
This financing has been completed.
The Definitive Agreement is subject to ZoomNation providing Dravco with
the following:
1. Confirmation of 100% of the shareholders of ZoomNation approving and
participating in the transaction.
2. Financial statements as required by Item 310 of Regulation SB of the
United States Securities and Exchange Commission ('SEC') in order to permit us
to make the SEC filings required in respect of the purchase and sale of the
shares.
About ZoomNation Inc.
ZoomNation is a software development company focused on the development of
social network applications to allow users to communicate and share across all
social network communities. ZoomNation is in various stages of completion with
regard to its Social Univers application that enable users to organize their
various communication tools and share their multiple social network profiles,
blogs, and favorite websites with their friends.
On behalf of the Board of Directors,
Dravco Mining Inc. Rodney Lozinski, President Dravcomining@telus.net
Disclaimer: This Press Release may contain, in addition to historical
information, forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements are
identified by their use of terms and phrases such as 'believe,' 'expect,'
'plan,' 'anticipate' and similar expressions identifying forward-looking
statements. Investors should not rely on forward-looking statements because
they are subject to a variety of risks, uncertainties and other factors that
could cause actual results to differ materially from Dravco Mining's
expectations, and Dravco Mining expressly does not undertake any duty to
update forward-looking statements. These factors include, but are not limited
to the following, the ability to further exploit its intellectual properties
and other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such forward-
looking statements.
