TORONTO, Feb. 15, 2019 /CNW/ - Continental Precious Minerals Inc. (NEX-CZQ.H) ("Continental" or the "Company") announces that it has terminated an agreement with respect to a potential reverse takeover transaction involving High Speed Interconnects, Inc. ("HSI"), a company headquartered in Scottsdale, Arizona, which extrudes and assembles high-performance RF microwave coaxial cable ranging from 16 to 52 AWG. HSI's low-loss, low-capacitance, phase and amplitude stable coaxial cables are available as SMA, SMP, SSMP assemblies; micro coaxial cable assemblies as small as 0.275mm in pitch; and fine wire, direct-to-board coaxial cable assemblies as small as 0.100mm in pitch.
The parties had entered into a letter of intent in December 2018, which was binding on HSI and its principals but not binding on Continental. The parties subsequently entered into a definitive binding agreement on January 24, 2018. Prior to Continental issuing a press release announcing the transaction, which had been approved by all parties, HSI and its principals communicated to Continental that they wanted to change certain terms of the transaction. As a result of HSI breaching the terms of the agreements between the parties, Continental has terminated the definitive agreement.
The Company is currently considering its options with respect to its contractual arrangements among HSI and its principals. Further updates will be provided as they become available.
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SOURCE Continental Precious Minerals Inc.