The asset purchase agreement entered into between the Corporation and the Partnership provides that all of the Corporation's assets are purchased for a total cash consideration of
The Superior Court of Québec granted, when it approved the Offer, an exemption from the formal valuation and shareholder approval requirements of Regulation 61-101 respecting Protection of Minority Securityholders in Special Transactions, as permitted under section 65.13 of the Bankruptcy and Insolvency Act (the "BIA").
The Corporation intends, with the
Concurrently with the sale of the Corporation's assets:
- The Corporation itself will cease all operations and therefore expects to be delisted from the TSX Venture Exchange shortly. - The Corporation will change its name to become a numbered corporation as soon as possible. - All employees of the Corporation are transferred to the purchaser. The business of the Corporation, being to provide innovative, effective and user-friendly measurement and validation tools for the advertising industry, will now be pursued by the Purchaser under the name "Société en commandite Eloda". - Mr. François Rainville resigned as president of the Corporation.
The Corporation also announces that it has issued a new promissory note of
The loan agreement constitutes a related party transaction for the purposes of Regulation 61-101 respecting Protection of Minority Securityholders in Special Transactions, as disclosed in the Corporation's press release dated
Neither 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.
%SEDAR: 00023098EF
For further information: L. Derek Lindsay, VP and CFO of the Corporation, (514) 842-1513, Fax: (514) 842-4588, [email protected]
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