Epic Fusion Provides Business Update

VANCOUVER, BC / ACCESSWIRE / March 23, 2015 / Epic Fusion Corp (the “Company” or “Epic Fusion”) today provided an operations and finance update.

Operations in China

The Company’s joint venture operation in China continues to grow its customer base and expand its product offering. Epic-Hust Technology (Wuhan) Co. Ltd. added several new large manufacturing clients in 2014, including its first aerospace manufacturer, AVIC Shenyang Aircraft Corporation. The joint venture company also launched its own Advanced Planning and Scheduling software called Xplanner.

The Epic-Hust joint venture company recently completed an equity financing of RMB 4 million (approximately $806,000) with a company controlled by the joint venture’s management team. The joint venture company is also expected to complete an equity financing of RMB 17.4 million (approximately $3.5 million) early next quarter with a group of new investors, including a prominent Chinese venture capital firm. The joint venture company plans to seek a public company listing on the New Third Board exchange in China in 2016.

As a result of these financings, Epic Fusion’s ownership position in the joint venture company changes from its 51% majority position to a non-majority position, and the Company will no longer consolidate all financial operations of the joint venture company into the Company’s financial statements.

Corporate Financing and Update

The Company has obtained short term financing from a party related to a director. The lender is providing a demand credit facility in the principal amount of $300,000 at an interest rate of 5% per annum. The credit facility will be secured by a first charge over all of the Company’s assets, and the proceeds will be used to fund ongoing operations in Canada.

As a result of the change to a non-majority ownership position in the Company’s joint venture operation in China and its impact on revenue consolidation, Epic Fusion intends to pursue new revenue generating operations in Canada and China in 2015. The Company expects to remain a non-trading reporting issuer while new revenue generating operations are pursued.

Management Appointment

The Company appointed Nico Hu to be its Chief Financial Officer effective March 16, 2015. Ms. Hu manages several commercial and residential property development companies in British Columbia, some of which have previously provided financing to the Company.

Director Resignations

The Company announced that two directors of the Company, James Topham and Frank Pho, resigned from the Company’s board of directors effective March 23, 2015. The Company wishes to thank Mr. Topham and Mr. Pho for their valued service as independent directors over the past several years at Epic Fusion and its predecessor company, Epic Data International Inc.

About Epic Fusion

Epic Fusion is a technology company with business operations in the People’s Republic of China. The Company was spun out of Epic Data Interntaional Inc. in 2013. Through Epic-Hust Technology (Wuhan) Co., Ltd., the Company’s joint venture company with Huazhong University of Science & Technology, the Company develops and markets manufacturing operations management systems for aerospace, automotive and heavy equipment manufacturers. Key customers in China include JAC Motors, JAC Navistar, AVIC Shenyang Aircraft Corp. and Shaanxi Heavy Truck.

More information about Epic Fusion is available at www.epicfusion.com. More information about Epic-Hust Technology is available at www.epichust.com.

Caution Regarding Forward-looking Statements

In this document and in other documents filed with Canadian regulatory authorities or in other communications, the Company may from time to time make written or oral forward-looking statements within the meaning of applicable securities legislation, including statements regarding the Company’s business plans and financial objectives. These statements typically use words such as prospects, believe, estimate, forecast, project, expect, anticipate, plan, may, should, could and would, or the negative of these terms, variations thereof or similar terminology. By their very nature, forward-looking statements are based on assumptions and involve inherent risks and uncertainties, both general and specific in nature. It is therefore possible that the forecasts, projections and other forward-looking statements will not be achieved or will prove inaccurate. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it provides no assurance that these expectations will prove to have been correct. The Company cautions readers against placing undue reliance on forward-looking statements when making decisions, as the actual results could differ considerably from the opinions, plans, objectives, expectations, forecasts, estimates and intentions expressed in such forward-looking statements due to various material factors. Among other things, these factors include fiscal and economic policies, changes in interest and foreign exchange rates, and general economic conditions, legislative and regulatory developments, competition and access to capital. The Company further cautions that the foregoing list of factors is not exhaustive. For more information on the risks, uncertainties and assumptions that would cause the Company’s actual results to differ from current expectations, please also refer to the Company’s public filings available at www.sedar.com. The Company does not undertake to update any forward-looking statements, whether oral or written, made by itself or on its behalf, except to the extent required by securities regulations.

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For Information contact:

Robert Nygren
President & CEO
nygren@epicfusion.com
604-218-5788

SOURCE: Epic Fusion Corp. 

ReleaseID: 427144