Winalta Inc. Announces Receipt of a Non-Binding Proposal for the Acquisition
of its Oilfield Rentals Business and its Carrier Division
In conjunction with its review of the Proposal, the Board of Directors has also initiated a process to identify, examine and consider a range of strategic alternatives available to Winalta, with a view to maximizing shareholder value. This process could result in a sale of the Company, a sale of a material portion of the Company's assets or a corporate reorganization, among other alternatives.
No decision on any particular alternative has been reached at this time and there can be no assurance that the strategic review process or the Proposal will result in any change in the Company's current operations or that the Company will pursue any particular transaction. In particular, the Proposal is subject to, among other things, negotiation and execution of definitive agreements, approval of the Boards of Directors of both Winalta and the purchaser, approval of the shareholders of Winalta including approval by a majority vote of the minority shareholders of Winalta, and receipt of all necessary regulatory approvals.
Winalta does not intend to disclose developments with respect to the strategic review process or the Proposal unless and until the Board of Directors has approved a definitive transaction or strategic option, unless otherwise required by law or disclosure of which is deemed appropriate.
Lastly, Winalta announces that effective
Winalta Inc. is an integrated company with three main operating divisions, Homes, Industrial, and Manufacturing. The Homes Division sells CSA approved homes via retail centers, communities and supply arrangements. The Industrial Division leases portable industrial accommodations and provides construction services that include excavating, aggregate trucking and paving. The Manufacturing Division builds CSA approved homes and portable industrial accommodations from facilities near Spruce Grove, Alberta.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
The words "believe", "expect", "intend", "anticipate", or any variation of such words and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Winalta undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by securities laws.
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For further information: Ron Berg, President & CEO, Winalta Inc., Tel: (780) 960-6900, Fax: (780) 962-9523
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