Winalta Confirms Execution of Plan of Arrangement and Pricing of Stock
Options
CALGARY, Nov. 1 /CNW/ - Winalta Inc. (TSX-V - "WTA.A") ("Winalta" or the "Company") is pleased to announce that further to its press release of October 22, 2010, the Effective Date as defined in Plan of Arrangement pursuant to the Companies' Creditors Arrangement Act (Canada) has now occurred and Winalta, together with its subsidiary companies Winalta Carriers Inc., Winalta Oilfield Rentals Inc. and Baywood Property Management Inc. has been amalgamated to form Winalta Inc.
Additionally, as previously announced, Winalta's Board of Directors on October 19, 2010 approved the grant of 2,275,000 stock options to Management, Directors and other insiders, allocated as set forth in the Company's press release of October 22, 2010. These stock options have been granted today and have an exercise price of $0.28 per option based on a 5 day volume weighted average trading price of the Common Shares. These stock options have an expiry date of November 1, 2015 and will vest at 25% per year.
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Winalta to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The Company continually monitors and evaluates these risk factors and takes action to minimize them. However, as many of these risks are outside of Company control, it is impossible to completely mitigate these risks. Readers are accordingly cautioned not to place undue reliance on forward-looking statements contained herein. The forward-looking information contained in this news release represents the expectations of Winalta as at November 1, 2010 and, accordingly, is subject to change after such date. However, Winalta expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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For further information: Artie Kos, President and Chief Executive Officer, Phone: (780) 960-6900, Fax: (780) 962-9523; Austin Fraser, Senior Vice President, Phone: (780) 960-6900, Fax: (780) 962-9523
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