Mongolia Growth Group Ltd. Announces the Appointment of Byambaa Losolsuren to the Board of Directors
Calgary, Alberta CANADA, April 25, 2011 /FSC/ - Mongolia Growth Group Ltd. (YAK - CNSX),is pleased to announce the appointment of Byambaa Losolsuren to the board of directors of MGG. Byambaa has extensive experience in Mongolian finance having worked for the Asian Development Bank as an investment officer and as a consultant to the Financial Regulatory Commission (FRC) in Mongolia. She is currently a partner and chief economist at UMC Group, MGG's partner in its recently announced insurance venture.
"As a company doing business in Mongolia, a local perspective is critical in all business endeavors. Byambaa strongly complements our existing board with her knowledge." said Harris Kupperman, President and CEO of Mongolia Growth Group Ltd. "Byambaa is well respected in Mongolia and we are delighted to welcome her to the board of MGG."
"I am equally honored and pleased to be appointed as a member of MGG. By being able to bring to the board intrinsic knowledge about the financial sector and insights of business practices of Mongolia, I hope to serve the best interests of the Company and its shareholders," Byambaa said.
Upon joining the board of MGG, Mrs. Byambaa has been granted 75,000 3-year stock options to purchase shares of MGG. In addition, twenty-two Mongolian employees of MGG have been granted a total of 465,000 5-year stock options to purchase shares of MGG, and five consultants to both UMC and MGG have been granted a total of 360,000 5-year stock options for services rendered in accounting and other operational activities; all pursuant to the Company's stock option plan. All aforementioned options will have a strike price that is the higher of the April 25 or April 26, 2011 closing price of MGG shares.
For further information, please visit the Company's website at
www.mongoliagrowthgroup.com.
Or contact: Jordan Calonego, interim Chief Financial Officer
jcalonego@MongoliaGrowthGroup.com
(807) 622-9909
or
Harris Kupperman, Chief Executive Officer
hkuppy@MongoliaGrowthGroup.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain forward-looking information within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management relying on their experience at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CNSX, changes in the business environment that might impact the intended use of proceeds and changes in the intention of the parties to subscribe to the private placement. There are uncertainties inherent in forward-looking information, including factors beyond MGG's control. MGG undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in MGG's filings with Canadian securities regulators, which filings are available at www.sedar.com. The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
"As a company doing business in Mongolia, a local perspective is critical in all business endeavors. Byambaa strongly complements our existing board with her knowledge." said Harris Kupperman, President and CEO of Mongolia Growth Group Ltd. "Byambaa is well respected in Mongolia and we are delighted to welcome her to the board of MGG."
"I am equally honored and pleased to be appointed as a member of MGG. By being able to bring to the board intrinsic knowledge about the financial sector and insights of business practices of Mongolia, I hope to serve the best interests of the Company and its shareholders," Byambaa said.
Upon joining the board of MGG, Mrs. Byambaa has been granted 75,000 3-year stock options to purchase shares of MGG. In addition, twenty-two Mongolian employees of MGG have been granted a total of 465,000 5-year stock options to purchase shares of MGG, and five consultants to both UMC and MGG have been granted a total of 360,000 5-year stock options for services rendered in accounting and other operational activities; all pursuant to the Company's stock option plan. All aforementioned options will have a strike price that is the higher of the April 25 or April 26, 2011 closing price of MGG shares.
For further information, please visit the Company's website at
www.mongoliagrowthgroup.com.
Or contact: Jordan Calonego, interim Chief Financial Officer
jcalonego@MongoliaGrowthGroup.com
(807) 622-9909
or
Harris Kupperman, Chief Executive Officer
hkuppy@MongoliaGrowthGroup.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain forward-looking information within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management relying on their experience at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CNSX, changes in the business environment that might impact the intended use of proceeds and changes in the intention of the parties to subscribe to the private placement. There are uncertainties inherent in forward-looking information, including factors beyond MGG's control. MGG undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in MGG's filings with Canadian securities regulators, which filings are available at www.sedar.com. The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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