DualEx Announces Name Change and Share Consolidation
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Dec. 15, 2016 /CNW/ - DualEx Energy International Inc. ("DualEx" or the "Company") (TSX-V: "DXE") announces that at its Annual General and Special Meeting held today, shareholders voted in favour of changing the name of the Company (the "Name Change") to Return Energy Inc. ("Return"), and consolidating the common shares of the Company (the "Consolidation") on the basis of one (1) new Return common share for each ten (10) DualEx common shares held immediately prior to the Consolidation, subject to approval of the TSX Venture Exchange (the "TSXV").
No fractional common shares will be issued as a result of the consolidation. Instead, all fractional shares equal to or greater to one-half resulting from the Consolidation will be rounded to the next whole number. A new CUSIP number of 76133H102 replaces the old CUSIP number of 26357W, to distinguish between the pre- and post- consolidated common shares.
The board of directors of the Company believes that the Consolidation should enhance the marketability of the common shares as an investment and should facilitate additional financings to fund operations in the future.
The Company is anticipating that the Consolidation and Name Change will be effected on or about Tuesday, December 20, 2016. Commencing at opening of trading on Tuesday, December 20, 2016, the common shares of the Company will trade on the TSXV under the symbol "RTN". Following the Consolidation, there are expected to be 25,008,893 post-Consolidation common shares outstanding.
Further details with regards to the Name Change and Consolidation are contained in the management information circular of the Company dated November 10, 2016, a copy of which is available electronically at www.sedar.com.
In addition to the Name Change and Consolidation, shareholders of the Company re-elected Garry Hides, Roy Hudson, Brad Porter, Robb Thompson, and Ken Tompson to the Company's Board of Directors for the ensuing year.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including statements regarding the Company's business and the proposed Consolidation. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking statements. As such, readers are cautioned not to place undue reliance on the forward looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
SOURCE DualEx Energy International Inc.
This press release is reproduced on DualEx's website at www.dualexen.com and will be posted to the Return website at www.returnenergyinc.com once it becomes operational. For this and further information about DualEx/Return please visit the website(s) or contact Ken Tompson (President & CEO) at 403-265-8011 ext. 224.
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