LOS ANGELES, Feb. 29, 2012 (GLOBE NEWSWIRE) -- ParaFin Corporation (Stock Symbol:PFNO.PK) believes that the recent announcement of the European Central Banks to guarantee liquidity to the European Banking Institutions will enhance the negotiations between ParaFin and ING Bank N.V. for the settlement of the claim that ParaFin has made against ING Bank N.V. for the payment of approximately US$1.6 Billion. Prior to the recent announcement of the European Central Banks to guarantee the necessary liquidity to the European Banking Institutions, ING Bank N.V. had been unwilling to even agree to meet with ParaFin or the Forensic Experts retained by ParaFin.
Lawyers for ParaFin and ING Bank N.V. are now negotiating terms for a meeting between ING Bank N.V. and ParaFin to have ParaFin's Forensic Experts, along with officials from ING Bank N.V., examine the bonds owned by ParaFin. ParaFin is confident that negotiations between ING Bank N.V. and ParaFin to determine a settlement of its US$1.68 Billion claim against ING Bank N.V. will now proceed at an expedited pace.
About ParaFin Corporation
ParaFin Corporation, a Development Stage company, engages in the acquisition and exploration of Oil and Gas properties. The company was founded in 1978 and is based in Reno, Nevada. The potential of Hydrocarbon Concessions and other opportunities in the Oil & Gas industry have continued to be the focus of the Corporation from 1978 until the present. Effective March 30th, 2010, the Board of Directors of ParaFin Corporation have authorized the President to negotiate the acquisition of Hydrocarbon Assets in North America.
Symbol: PFNO
Outstanding Float: 4,680,280,671
Disclaimer: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to those, set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at http://www.sec.gov/). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.