New York, NY -- (SBWIRE) -- 01/24/2013 -- SWINGPLANE VENTURES (OTCQB: SWVI) moved up following the announcement that the Company has entered into an assignment agreement with Mid Americas Group. In par with the terms of the agreement, the Company was to acquire all of the rights under an option agreement between Mid Americas Group and Gunter Stromber and Elsa Dorila Durate Horta, where Mid Americas has the rights to acquire 75% of certain mining concessions in China.
Swingplane Ventures, Inc., a development stage company, manufactures and sells men’s and women’s golf apparels. Its clothing line consists of tailored-fit golf shirts, pants, and skirts. The company focuses on marketing its products under the Swingplane name through online sales directly to the consumer.
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The bankruptcy proceedings for A123 Systems, Inc. (PINKSHEETS: AONEQ) are moving relatively smoothly toward completion, and it looks like Wanxiang America Corp. and Navitas Systems LLC should complete the transactions within the guidelines of the court-ordered asset purchase agreements by February 1, 2013.
Chinese parts manufacturer Wanxiang has been under pressure in Washington to keep A123 Systems a US-based company, which Wanxiang has said it will do. Under A123 Systems' new agreement, Wanxiang will acquire A123's automotive, grid and commercial business assets in the US, its cathode powder manufacturing plant in China and its equity share in A123's joint venture with Shanghai Automotive's battery systems division.
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