CALGARY, ALBERTA--(Marketwired - Jan. 24, 2014) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSONS.
Arrowhead Water Products Ltd. (TSX VENTURE:AWA) ("Arrowhead" or the "Company") reports its audited consolidated financial and operating results for the fiscal year ended September 30, 2013. For complete disclosure of the Company's year end financial results and Management's Discussion and Analysis, please go to www.SEDAR.com and view documents listed under the Company's name.
The Company also announces that it will hold an Annual and Special Meeting of Shareholders on Monday, March 17, 2014. In addition to the requirements for its annual meeting, the purpose of the meeting will be to change the name and business of the Company.
The Company further advises that it completed its previously announced sale of substantially all of its water bottling assets to Ice River Springs Water Co. Inc. ("Ice River"), which sale was completed on March 1, 2013. Since that date, the distribution of 15-litre bottles of water has been carried on by Ice River under the Arrowhead name. Subject to the payment of the final instalment of the purchase price of $533,400 by Ice River to the Company, the Company will change its name to reflect its new business and transfer the Arrowhead trademark and name to Ice River.
The Company also announces that it has issued an aggregate of 1,900,000 incentive stock options ("Options") in accordance with the Company's stock option plan to certain Directors and Officers of the Company. Each Option, vesting immediately upon grant, entitles the holder to purchase one common share of the Company at a price of $0.30 per share until January 22, 2019. The Options and any common shares issued upon exercise will be subject to a four month resale restriction from the date of grant.
On behalf of the Board of Directors of the Company,
Jeffrey Ciachurski, Chairman and Chief Executive Officer
Ross O. Drysdale, Director
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.
This news release contains forward-looking statements. The Company has provided the forward-looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward-looking statements may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
19,492,229 Common Shares Issued