Ameriplas Holdings Ltd.

Ameriplas Holdings Ltd.

July 09, 2010 13:57 ET

Ameriplas Completes Disposition of Its Subsidiary

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2010) - Ameriplas Holdings Ltd. (the "Company") (TSX VENTURE:AHL) is pleased to announce that yesterday it closed its previously announced disposition of its wholly-owned subsidiary, Ameriplas International Inc., to André Lussier, Clément Lussier and François Fournier, each of whom are directors of the Company.

Upon closing of the Transaction, André Lussier, Clément Lussier and François Fournier resigned as directors and officers of the Company and the Company appointed Raymond Fast and Marc Blythe as directors of the Company and Aurora Catibog as the Chief Financial Officer of the Company. The Company's audit committee consists of Kenneth Morgan, Raymond Fast and Marc Blythe. All of the members of the Company's audit committee will be independent, as that term is defined in NI 52-110, except for Kenneth Morgan who is the Chief Executive Officer of the Company.

Raymond Fast is President of DDS eFleet Services, Inc., a DDS Wireless International company. Mr. Fast has 24 years of management experience in engineering, business development and business operations. Previously, he was the Vice President, Telecommunications Strategy and Business Development for webBASIS Inc. and Chief Operating Officer for Image Power Inc. and Cyberion Networking Corp. Mr. Fast holds a Bachelor of Science degree in Electrical Engineering from LeTourneau University in Texas and is a professional engineer with the Association of Professional Engineers and Geoscientists of BC.

Marc Blythe has a Master of Business Administration from La Trobe University in Melbourne and a Bachelor of Mining Engineering degree from the Western Australian School of Mines. Mr. Blythe is currently and has been since September 2006, Vice President, Mining of Almaden Minerals Ltd. He was Corporate Senior Mining Engineer for Placer Dome Inc. based in Vancouver from 2004 until 2006, where he completed internal and external mine evaluation, including advising on potential acquisitions and mining technology implementation.

Aurora Catibog has more than 10 years experience in public company accounting and financial reporting. She was Controller of Petaquilla Minerals Ltd., Petaquilla Copper Ltd. and Strategem Capital Corporation from 2004 to 2008. Ms. Catibog is currently involved with a number of private companies doing accounting system setup, audit support and tax work. She has completed the CGA program, receiving Honours standing in the PA1 Final Exam and will receive her CGA designation in August 2010.

It is expected that on or about July 13, 2010, the Company will change its name from "Ameriplas Holdings Ltd." to "Downtown Industries Ltd." and the trading symbol for the Company will change to "DWN.H". In connection with this change of name, the Company will also consolidate its share capital on a 20 old shares for one share basis. Following the share consolidation, the Company will have 1,252,269 common shares outstanding.

As the Company no longer satisfies the Tier 2 maintenance requirements for a TSX Venture Exchange (the "Exchange") Tier 2 issuer, it is expected that the Company's common shares will be transferred to the NEX board of the Exchange on or about July 13, 2010.

Further particulars regarding the transaction are disclosed in the Company's news releases dated April 12, 2010, May 12, 2010, May 21, 2010 and June 28, 2010.

Ken Morgan
Chief Executive Officer

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.

Contact Information

  • Downtown Industries (formerly Ameriplas Holdings Ltd.)
    Ken Morgan
    Chief Executive Officer