Parafin Corp. (PN) (USOTC:PFNO)
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5 Years : From Aug 2010 to Aug 2015
ParaFin Corporation (PINKSHEETS: PFNO): ParaFin Corporation owns 800 Series FF ING 5.5% June 16, 2010 EUR 1,000,000 Bearer Bonds issued June 16, 2000. Each Bond converts to a US$ value of approximately US$2.1 million for a total value of the ING Bearer Bonds owned by ParaFin in excess of US$1.68 Billion.
ParaFin is continuing efforts to negotiate a settlement of its US$1.68 Billion claim against ING Bank N.V., Amsterdam. ParaFin's lawyer in Germany received a response from ING Bank's lawyer in Amsterdam that stated that ING Bank N.V. did issue Series FF ING 5.5% June 16, 2010 Bearer Bonds issued June 16, 2000.
This is the first admission by ING that ING N.V. issued Series FF June 16 2010 Bearer Bonds in June, 2000 and it was received in a letter from the attorneys for ING Bank N.V.
In the same letter to ParaFin's lawyer, ING's lawyer informed ParaFin's lawyer that only financial institutions were entitled to hold and convert the Series FF Bearer Bonds issued by ING Bank N.V. into a Global certificate and all ING Series FF Bearer Bonds held by financial Institutions have had their holdings in the Series FF Bearer Bonds converted into a Global note. Others, like ParaFin, who are holding ING Series FF Bearer Bonds have not been Offered the opportunity to convert to a Global certificate.
Representatives, acting on behalf of ParaFin Corporation, have been actively negotiating with financial institutions in Europe and Asia to have them acquire the ING Bearer Bonds from ParaFin and then have the financial institution that acquires the Bearer bonds convert to the Global certificate or redeem them from ING Bank N.V.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to those, set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at http://www.sec.gov/). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
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5190 Neil Road, Suite 430
Reno, Nevada USA 89502