Press release from Marketwire
BENEV Capital Inc. Announces Receipt of Shareholder Approval for Asset Sale Transaction
Monday, May 06, 2013
BENEV Capital Inc. Announces Receipt of Shareholder Approval for Asset Sale Transaction13:30 EDT Monday, May 06, 2013
OAKVILLE, ONTARIO--(Marketwired - May 6, 2013) - BENEV Capital Inc. (TSX:BEV) (the "Corporation") announced today that at an annual and special meeting of the shareholders held on May 3, 2013, the Corporation received shareholder approval to complete the sale of its Saint Ambroise, Quebec waste treatment facility to 8439117 Canada Inc., a company indirectly controlled by the plant's current manager, Mr. Jean-Francois Landry (the "Transaction"). The Transaction is expected to close in the second quarter of 2013.
At the meeting, the shareholders also approved a special resolution amending the articles of the Corporation to delete the authorized and issued Series I Non-Voting Redeemable Preference Shares of the Corporation (none of which are outstanding) and to delete the Preferred Shares as authorized capital of the Corporation. In addition, the shareholders approved an advance notice by-law adopted by resolution of the board of directors of the Corporation passed on March 20, 2013 (the "Advance Notice By-law"). The full text of the Advance Notice By-law is provided in the management information circular delivered to shareholders for the May 3, 2013 meeting.
Forward Looking Statements
Certain statements contained in this press release and in certain documents incorporated herein by reference may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "confident", "plan" and "intends" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of BENEV Capital Inc. to differ materially from those anticipated or implied in such forward-looking statements. BENEV Capital Inc. believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. Given these uncertainties, readers are cautioned that forward-looking statements included in this press release are not guarantees of future performance, and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date of this press release. BENEV Capital Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting BENEV Capital Inc. will continue substantially in the ordinary course, including that the sale of the plant will be completed, and that the Company's shares will continue to trade on the Toronto Stock Exchange. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
All of the forward-looking statements made in this Press Release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, BENEV Capital Inc. There can be no assurance that the Transaction will be completed, or that the Corporation's TSX listing will be maintained following completion of the Transaction.
The foregoing description of the Transaction does not purport to be complete and is qualified in its entirety by reference to the copy of the definitive purchase agreement entered into by the Company, which will be available at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
BENEV Capital Inc.
President and CEO
(905) 339-1540 Ext. 202