Thunder Bay, Ontario, March 04, 2013 /FSC/ - Mongolia Growth Group Ltd. (YAK - TSX Venture)("MGG" or "The Company") announces the resignation of Paulo Bilezikjian from the board of directors due to the overwhelming time commitments of his other investments and obligations.
"I would like to thank Paulo for all of his help during our company's first two years," said Harris Kupperman, Chairman and CEO of MGG. "We have come a very long way since we first formed this company and appreciate Paulo's dedication and insight during this time."
"I must say that MGG is one of the most ambitious, unusual and hard to execute projects I have seen. What has been accomplished so far is nothing short of spectacular given all the difficulties in operating in a frontier market and a litany of other reasons," said Paulo Bilezikjian, "I am quite proud of having been involved with this company."
For further information on the Corporation, please visit www.mongoliagrowthgroup.com
Forward-looking Information and Statements
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable Canadian securities legislation and involve risks and uncertainties. Forward-looking information and statements contained in this news release include information with respect to our intention to move forward into the construction of international standard properties in Mongolia.
Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. MGG cautions the reader that such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: risks associated with investment in and development of real property in Mongolia and the insurance business in Mongolia; competition, financing and refinancing risks; risks related to economic conditions; risks related to regulation of the real estate and insurance business in Mongolia; political risk in Mongolia; changes in Mongolian taxation rules; claims against our insurance policies differing from our assumptions; reliance on key personnel; environmental matters; tenant and policyholder risks; risk of insurance fraud; and other risk factors more particularly described in in MGG's filings with Canadian securities regulators, which filings are available at www.sedar.com.
Additional risks and uncertainties not presently known to MGG or that MGG currently believes to be less significant may also adversely affect MGG. Forward-looking information is designed to help you understand management's current views of our near and longer term prospects, and it may not be appropriate for other purposes. MGG does not undertake any obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except to the extent legally required.
The TSXV has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Source: Mongolia Growth Group Ltd. (CNSX - YAK)
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