TMCnet News
Direct Investment Japan Co. Ltd. Acquires Majority Interest in MorNorth Mortgage Holdings Inc.WESTLAKE VILLAGE, Calif. --(Business Wire)-- July 29, 2005 -- MorNorth Mortgage Holdings Inc. (Other OTC:MNMH.PK), a New Mexico corporation, announced today that Direct Investment Japan, Co. Ltd. has acquired a majority interest in the company. Concurrent with the change of control, the company announced the resignation of its current directors and the election of Eiichiro Hemmi as chairman of the board of directors and Makoto Omori, Seishi Murakami and Katsumi Urabe as directors. The company also announced that it has entered into a Share Exchange Agreement with Westlake Canyon Partners Inc. in which MorNorth will acquire 100% of Westlake Canyon Partners Inc. in a stock for stock exchange. The company further announced that it plans to change its name to Westlake Canyon International Inc. and apply for a new stock symbol subject to the approval of the name change at a special meeting of stockholders that will take place in the near future. Westlake Canyon Partners Inc. is the U.S. holding company for DIS Co. Ltd. ("DIS"), a Japanese corporation headquartered in Tokyo. Both companies were founded by Direct Investment Japan Co. Ltd. a member-supported Japanese corporation led by its visionary chairman, Hemmi. DIS is a business incubator for Japanese early-stage companies that own innovative technology and products with significant commercial potential. DIS develops new companies by providing them with management expertise and access to new markets. DIS also provides its portfolio companies with access to startup capital, a critical factor in Japan where private equity funding for early-stage companies is virtually nonexistent. In August 2005, Westlake Canyon Partners Inc. plans to open its headquarters office in Newbury Park, Calif. An important role of the California office will be to support DIS portfolio companies that seek to market and distribute their products and services in North America. Forward-looking statements made in this release are made pursuant to the "safe harbor" provisions of the Private Securities Reform Act of 1995. Forward-looking statements are not a guarantee of future performance. |
