SALT LAKE CITY, July 29, 2005 (PRIMEZONE) -- Wisdom International Corporation (Pink Sheets:WSMI) announced today that it has recently completed a transaction with Birchington Investments Limited, an investment company, in which Birchington purchased 6,500,000 shares of Common Stock of Wisdom International Corporation at $0.90 per share in exchange for 5,850,000 Ordinary Shares of Birchington. Birchington is a newly formed company, which recently was admitted to listing on the Irish Stock Exchange in Dublin, Ireland. Birchington has been established specifically to invest in U.S. small-cap companies with long-term growth potential.
"This transaction, which was completed on April 7, 2005, is significant to the Company," said Michael P. Meservy, CEO of Wisdom International. "These short term assets will be used, not only to enhance Wisdom's balance sheet, but to act as short-term assets, backing the re-insurance activity of International Re-insurance, a wholly owned subsidiary of Wisdom International."
Birchington has entered into a "lock-up" agreement with Wisdom International Corporation pursuant to which it has agreed not to trade the shares of Common Stock of Wisdom International Corporation it received as a result of this transaction for a period of one year from the Closing date. In full payment for the shares of Common Stock of Wisdom International Corporation, Birchington issued to Wisdom International US$5,850,000 equivalent of its Ordinary Shares at a price per share valued at one U.S. dollar.
About Wisdom International Corp. (Wisdom International)
Wisdom International is a diversified holding company. Wisdom's reinsurance activities are conducted through its subsidiary, International Reinsurance, Ltd., with offices in Nevis, West Indies, Norwich, England and Dallas, Texas. Wisdom Global Mining conducts mining operations of organic agricultural, and health related products.
Forward Looking Statements
Some of the statements contained in this news release constitute forward-looking statements. These Statements involve risk and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including changes in general economics, political and business conditions, actions of current and potential competitors, ability to attract new and retain existing customers, and other factors could cause actual results to differ materially from the Company's expectations and these forward looking statements.