MESA, Ariz., Sept. 29, 2010 (GLOBE NEWSWIRE) -- B2 Digital, Inc. (Pink Sheets:BTDG) announced today that its Board of Directors, after reviewing the NI 43-101 feasibility study from Firma Gold by its geologists and in response to the revised offer of $0.04 per share made by Sino-Can Holdings Ltd. on September 17, 2010 for the acquisition of a controlling interest in B2 Digital, Inc., has recommended a price of $0.10 per share as a fair value.
B2 Digital, Inc. believes that upon completion of further testing to be funded in part by Sino-Can Holdings Ltd. on the Quebec properties being managed by B2 Digital, Inc. in its Joint Venture with Firma Gold that $0.10 per share should be an acceptable valuation.
Sino-Can Holdings Ltd. has previously agreed to provide financing of up to CDN $250,000 to help facilitate additional testing on the properties and has further agreed to convert the funds advanced to capital at $0.10 per share upon completion of the acquisition of control of B2 Digital, Inc. If, in the event that Sino-Can Holdings Ltd. does not complete the acquisition then all monies advanced to B2 Digital, Inc. for the testing will be forfeited with no conversion rights to equity being provided to Sino-Can Holdings Ltd.
B2 Digital, Inc. President, Paul LaBarre, stated, "After careful consideration and consultation, the Board of Directors has determined that the revised offer of $0.04 per share was unacceptable regardless of the current share price that has been unfairly depressed due to market pressure created by an extensive short position as exposed by BUYINS.NET in their report of September 22, 2010."
Firma Gold President, Stephane Leblanc, commented, "The underlying potential of our property increases daily as the price of gold continues to rise reaching all time highs, adding more value to B2 Digital, Inc. as the controlling and majority partner of our recent Joint Venture Agreement."
According to the NI 43-101 feasibility study, Firma Gold's estimated reserves of 1.5 million ounces could have an estimated worth in excess of $1,875 billion based upon the current price of gold. B2 Digital, Inc. will receive 90% of the net profit after deduction of capital or operating costs incurred in their role as JV partner. Firma Gold will receive 10 percent of the net profit under terms of the Joint Venture Agreement.
About B2 Digital, Inc.
B2 Digital is dedicated to seeking acquisitions and joint ventures within the resource sector and in particular mining properties that contain gold and silver reserves. Management of its subsidiary has many years of experience in the exploration and operations of mining assets. B2 Digital is currently in the process of divesting itself of some of its technology assets. More information on B2 Digital can be found at: http://www.b2digital.us.
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with PinkSheets.com. Mining projects are subject to numerous risk factors including changing regulations, volatile commodity prices, and other factors that may preclude production should commercially viable reserves be established on a property and exploration plans dependent on funding and approval of any required permits.