SHANGHAI, P.R.C., Sept. 11, 2009 (GLOBE NEWSWIRE) -- CNC Development Ltd. ("CNC") (OTCBB:IAQG) (OTCBB:IAQGW) (OTCBB:IAQGU), formerly known as InterAmerican Acquisition Group Inc. ("IAG"), declared a special dividend of $4.85 for qualifying stockholders of record as of September 4, 2009, with a payment date of September 14, 2009, subject to the following conditions being satisfied: (i) receipt of the requisite stockholder vote to approve IAG's business combination with Sing Kung, Limited ("Sing Kung"), (ii) consummation of the business combination with Sing Kung and its simultaneous redomestication merger with CNC, (iii) release of the funds held in IAG's trust account to IAG/CNC, (iv) no notice of conversion has been received in connection with such share of IAG common stock, (v) such shares remain outstanding on the payment date, and (vi) no waiver of the dividend applies to such share.
Holders of approximately 1.43 million shares of IAG's common stock contractually waived their rights to receive the dividend. The transactions with Sing Kung and CNC were consummated and the other conditions for payment of the dividend were met on September 9, 2009. FINRA subsequently established the ex-dividend trading date as September 15, 2009 in accordance with its rules. IAG securities are still trading and will continue to do so until trading of the securities of CNC is approved and IAG securities are exchanged for CNC securities. CNC has been informed that approximately 100,000 shares of IAG's common stock sold by sellers who waived their rights to receive the dividend have been sold into the public market. Because it is not currently possible to identify which shares are affected, CNC has requested that FINRA halt trading and/or disallow trades that have occurred on or after September 9, 2009. FINRA has declined to do so. CNC will not pay the dividend to the buyers of shares of common stock sold by sellers who waived their rights to receive the dividend. Accordingly, prospective purchasers of shares of IAG's common stock prior to the ex-dividend date are advised to determine before any purchase of such shares whether or not a dividend is payable on such shares.
About IAG/CNC
IAG was formed for the purpose of acquiring, through a merger, stock exchange, asset acquisition or other similar business combination, an unidentified operating business. IAG consummated its business combination with Sing Kung, Limited on September 9, 2009. In approving the business combination, IAG's stockholders also approved the redomestication of IAG from Delaware to the British Virgin Islands. IAG changed its name to CNC Development Ltd. and will continue to trade on the OTCBB under the symbols IAQG, IAQGW and IAQGU until new symbols are issued.
CNC is located in Shanghai, P.R.C., with offices at 970 Dalian Rd, Suite 909, Shanghai 200092 P.R.C. Additional information about IAG and CNC is available on the IAG website: http://iaaginc.com or in IAG's and CNC's public filings available from the SEC website: (http://www.sec.gov).
Safe Harbor
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The parties may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements, and investors should not place undue reliance on the forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements made by the parties. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: any unforeseen delays that cause IAG to delay the closing of the business combination, as well as other relevant risks detailed in IAG's filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. IAG assumes no obligation to update the information contained in this press release.