BENEV Capital Inc.
TSX : BEV

BENEV Capital Inc.

August 06, 2013 14:56 ET

BENEV Capital Inc. Welcomes Sean Morrison to Its Executive Team

OAKVILLE, ONTARIO--(Marketwired - Aug. 6, 2013) - BENEV Capital Inc. (TSX:BEV) (the "Corporation" or "BCI") is pleased to announce the addition of Mr. Sean Morrison to the Corporation's executive team in the position of President and Chief Executive Officer. Consistent with the Corporation's strategy articulated since the installation of a new board of directors in June, 2011, the appointment of Mr. Morrison will bolster the Corporation's M&A capabilities in seeking to source, structure and complete one or more transactions designed to transform the Corporation and create meaningful value for shareholders. Mr. Morrison's appointment is effective today.

Mr. Morrison joins Mr. Lawrence Haber, who will become the Executive Chair of the Board. As Executive Chair, Mr. Haber will continue to oversee high level issues affecting the Corporation, including strategic planning and other public company and corporate issues.

Mr. Morrison has a successful track record in the M&A industry and is the founder and managing partner of Maxam Capital Corp. which focuses on structured investments in both publicly traded and private companies. Prior to founding Maxam Capital Corp., Mr. Morrison was a partner at Capital West Partners, a Vancouver-based investment banking firm. Mr. Morrison's principal focus will be on sourcing, analysing, and executing, one or more transformational transactions consistent with the Corporation's strategy. Subject to TSX approval, in connection with Mr. Morrison's appointment, a fund to be created by Maxam Capital Corp. was granted a right to invest in the Corporation for an amount up to the lesser of (i) 10% of the total issued and outstanding common equity of the Corporation (or its successor) immediately following a transformational transaction, or (ii) $10 million. Subject to adjustment, such investment shall be comprised of publicly traded common shares of the Corporation (or its successor) priced equal to the value of the common shares ascribed in the transformational transaction, failing which it shall be the 10 trading day volume weighted average price of the Corporation's common shares as quoted on a stock exchange commencing on the first trading day immediately after announcing such transformational transaction.

"I am delighted to welcome Sean Morrison to the team," Mr. Haber commented. "Mr. Morrison will be a great asset to the Corporation. I am looking forward to working with him."

Forward-Looking Statements

Certain statements contained in this press release and in certain documents incorporated herein by reference may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "confident", "plan" and "intends" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of BENEV Capital Inc. to differ materially from those anticipated or implied in such forward-looking statements. BENEV Capital Inc. believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. Given these uncertainties, readers are cautioned that forward-looking statements included in, or incorporated by reference into, this press release are not guarantees of future performance, and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date of this press release. BENEV Capital Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.

In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting BENEV Capital Inc. will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity, regulations (including those regarding importation of hazardous materials), and that there will be no unplanned material changes in its facilities, equipment, or customer or employee relations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

All of the forward-looking statements made in this Press Release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, BENEV Capital Inc.

About BENEV Capital Inc.

BENEV Capital Inc. is a merchant bank. For information, please visit the BENEV Capital Inc. website at: www.benevcapital.com.

Contact Information

  • BENEV Capital Inc.
    Sean Morrison
    President and CEO
    (604) 805-8840

    BENEV Capital Inc.
    Lawrence Haber
    Executive Chairman
    (905) 339-1540 Ext. 202
    www.benevcapital.com