Bay Equities Inc.

Bay Equities Inc.

July 06, 2007 10:37 ET

Bay Equities Inc. Approves Going Private Transaction

EDMONTON, ALBERTA--(Marketwire - July 6, 2007) - Bay Equities Inc. (the "Corporation") (TSX VENTURE:BEQ) today announced that the Directors of the Corporation approved a "going private transaction" by way of an amalgamation of the Corporation with 1289167 Alberta Ltd. ("1289167"), subject to required Shareholder approvals at a Special Meeting of the Shareholders of the Corporation to be held August 15th, 2007. 1289167 is a corporation controlled by Roy Bayliss and Bev Bayliss, the Principal Shareholders of the Corporation.

Under the terms of the proposed "going private transaction" the Corporation will amalgamate with 1289167 on September 1st, 2007 (the "Amalgamation"). Pursuant to the Amalgamation, Shareholders of the Corporation (other than dissenting shareholders and Principal Shareholders of the Corporation) will receive one Series "A" Preferred Non-Voting share ("Amalco Series "A" Redeemable Preferred Share") of the corporation ("Amalco") resulting from the amalgamation for each Common share of the Corporation that they own. On the effective date of the Amalgamation, Amalco will redeem each Amalco Series "A" Redeemable Preferred Shares for $0.32 in cash. The completion of the Amalgamation and the redemption of the Amalco Series "A" Redeemable Preferred Shares will result in the Corporation becoming a private issuer.

Subject to appropriate Shareholder approval, upon completion of the Amalgamation it is intended that the Amalco be delisted from the TSX Venture Exchange (the "TSXV"). The Corporation will apply to have its Common shares delisted from TSXV subject to filing and review of final materials by TSXV.

The Corporation has set July 11th, 2007 as the record date for the Special Meeting of the Corporation to determine Shareholders entitled to receive notice of and to vote at the Special Meeting. Materials for the Special Meeting of the Shareholders will be mailed to Shareholders of record or CDS approximately July 18th, 2007.

The Corporation's primary business is the control of its subsidiaries, Bay Drywall Inc. and Glennard Developments Inc., and their operations in the construction and land development business.

The Corporation has 21,120,000 Common shares issued and outstanding.

The TSXV has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Bay Equities Inc.
    Roy Bayliss
    President and Secretary
    (780) 466-3128
    Bay Equities Inc.
    John Johnston
    Chief Financial Officer
    (780) 466-3128