Kaizen Discovery announces the completion of the Concordia Resource corporate reorganization
LONDON, ENGLAND - Matthew Hornor, Chief Executive Officer of Kaizen Discovery Inc., announced today that Concordia Resource Corp. has completed its corporate reorganization in conjunction with HPX TechCo Inc., a 100%-owned subsidiary of High Power Exploration Inc. The transaction resulted in the formation of a new company - Kaizen Discovery - that will begin trading on the TSX Venture Exchange on December 6, 2013, under the symbol KZD.
Details of the corporate reorganization were first announced by Concordia Resource Corp. in an October 1, 2013, news release available at www.kaizendiscovery.com and www.sedar.com. High Power Exploration also issued a news release about the transaction on October 2, 2013.
With the transaction now completed, HPX TechCo holds 85% of Kaizen and Concordia shareholders hold the balance of Kaizen.
Mr. Hornor said that Kaizen's focus will be on advancing its portfolio of exploration opportunities, including its Ebende nickel-copper-cobalt project in the Democratic Republic of Congo and its Fairholme copper-gold project in New South Wales, Australia.
"Kaizen's competitive edge is both technical and financial. Kaizen will be drawing on the expertise of HPX TechCo's technical team and the application of the company's new, state-of-the-art geophysical technologies to gain a competitive advantage in its exploration initiatives on selected opportunities in some of the world's most prospective mineral belts. Once these opportunities have been selected, Kaizen will leverage its strong relationships with financing partners throughout Asia and invite their participation to the benefit of all parties.
"The HPX TechCo technology is noted for its high survey productivity and accuracy on buried targets at significant depths. It has been successfully deployed in some very challenging field exploration environments, including Namibia, Chile and Australia, and now we are looking forward to applying the technology to help us evaluate high-priority mineral targets around the globe," Mr. Hornor added.
"Future world-class mineral discoveries increasingly will be made at greater depths, conferring a strong advantage on Kaizen because of our access to the leading-edge, HPX TechCo geophysical technology."
As part of the transaction with Concordia, HPX TechCo contributed C$5 million cash, a C$5 million line of credit, its 80% interest in Ebende and its joint-venture interest in Clancy Exploration's Fairholme Project to Kaizen's portfolio of assets.
About Kaizen Discovery
Kaizen is a publicly listed Canadian technology-focused mineral exploration company that was formed through a combination of Concordia Resource Corp. and assets acquired from HPX TechCo, a 100%-owned subsidiary of High Power Exploration. A strong management team and an experienced board, combined with the improved project portfolio and access to HPX TechCo's cutting-edge, proprietary technology, will help enable Kaizen to more effectively identify and advance world-class projects.
Kaizen's shares will trade on the TSX Venture Exchange under the symbol KZD beginning December 6, 2013.
More information on Kaizen is available at www.kaizendiscovery.com
About High Power Exploration
HPX is a private, metals-focused exploration company deploying proprietary, geophysical technologies to rapidly evaluate buried geological targets. The company combines world-class geological and geophysical expertise, with innovative, ground-breaking technological hardware and software solutions to address the limitations of existing exploration technology. HPX indirectly is controlled by international financier and mining entrepreneur Robert Friedland.
HPX's technologies have been developed to facilitate rapid and deep electrical geophysical exploration in areas that have proved extremely difficult using conventional technologies. These include high-power and high-signal specifications, facilitating high signal-to-noise ratios. The technology allows accurate inversions to identify prospective targets. Both induced polarization and electromagnetic modes are available, enabling exploration for disseminated and massive sulphides that usually would require separate transmitters.
More information on HPX is available at www.hpxploration.com
Neither 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.
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