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Mach One Completes Acquisition of Pacific Rim Foods, Ltd.

Posted on: Friday, 16 January 2009, 09:30 CST

BELGIUM, Wis., Jan. 16 /PRNewswire-FirstCall/ -- Mach One Corporation (Pink Sheets: MNCN), a biological solutions company that develops products that produce a positive long term benefit to the agricultural and consumer market , announced today that it has completed its acquisition announced last month of Pacific Rim Foods Ltd., a multinational holding company with interests in energy, oil, and food production.

Mach One acquired 100% of the stock of Pacific Rim for $5 million in a combination of stock and convertible debentures. $3.5 million of the purchase price was paid in common stock of Mach One share with the remaining $1.5 million of the purchase price taken by Pacific Rim shareholders in the form of 5 year convertible zero coupon notes. The purchase price was funded out of available authorized shares.

Pacific Rim is now a wholly-owned subsidiary of Mach One that brings increased financial stability to the Parent with assets of cash and other current assets of about 2.0 million dollars in addition to its China Brand Interests. These interests include direct ownership of the first and oldest sweet corn brand in China and options to acquire certain joint venture Interests which operate food processing facilities in China. This capital combined with our recently announced $500,000 and $1.5 million capital raise provides our initial capital for the execution of our Mach One business model.

Monte B. Tobin, Chairman and Chief Executive Officer of Mach One, said, "We are happy to have closed on this transaction in an expeditious manner that allows Mach One to immediately capitalize on both the added assets to our financial position as well as the expertise and guidance of Pacific Rim's CEO Tad Ballantyne. We are happy to have Tad as a board member and expect his vision of how to best grow Mach One into a global company to be an important part of our strategy."

Tad Ballantyne, Chief Executive Officer of Pacific Rim Foods, said, "while our business model for growing a healthy branded food business in China offered growth, our shareholders agreed that our excess capital would achieve higher returns supporting the business model of Mach One. We look forward to supporting the Mach One mission of building a global company dedicated to the long term health of both man and animal. The recently announced agreements to acquire the 'Biopharm' and 'Ceres' business entities support the Mach One mission and reflects the Mach One commitment towards rapid execution in achieving its valuation targets."

Safe Harbor Statement

This press release contains forward-looking information. Readers are cautioned not to place undue reliance on any such forward-looking statements, each of which speaks only as of the date made. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's SEC reports. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected. Readers are encouraged to view the Company's risks identified under the caption "Risk Factors" in the S-1 Registration Statement of the Company as Amended filed with the Securities and Exchange Commission on September 18, 2008.

SOURCE Mach One Corporation

Source: PR Newswire

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