VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2010) - Meridian Co., Ltd. (OTCBB: MRDAF), a company engaged in the research, development, manufacturing, and sales of advanced medical devices, announces that it has signed a Letter of Intent (LOI) with a Shareholder Investment Group of current shareholders seeking to make certain board changes and to assist with financing, whereby the Shareholder Group will arrange for private placement financing of Meridian Co. and certain nominees of the Shareholder Group will be appointed to the board of directors of Meridian Co., Ltd.
Details of the financing include the company's willingness to enter into an agreement to make significant changes to its board if funding requirements are met. The Shareholder Investment Group will use its best efforts to arrange this financing by the deadlines set out in the LOI. The initial private placement funding will be in the amount up to $1,000,000.00usd, with the opportunity for additional private placement financing up to $4,000,000.00usd within six months of this letter of agreement.
This press release may contain certain forward-looking information and statements concerning the company's operations, performance and financial condition. These statements are based upon a number of uncertainties and contingencies, many of which are beyond the control of the company. Actual results may differ materially from those expressed or implied by such forward-looking statements. This document is not intended to be and is not an advertisement for any securities of the company.