Bhayana Management Ltd.

July 12, 2010 08:50 ET

Bhayana Management Acquires Shares of Inscape

THORNHILL, ONTARIO--(Marketwire - July 12, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Bhayana Management Ltd. ("Bhayana Management"), a company controlled by Madan Bhayana, announced that it has acquired 1,000,000 Class B subordinated voting shares of Inscape Corporation ("Inscape") at a purchase price of $2.00 per share in a private transaction on the Toronto Stock Exchange. The shares were acquired pursuant to section 100.1 of the Securities Act (Ontario).

Mr. Bhayana would be considered to have voting and investment control over the securities held by Bhayana Management. Prior to the acquisition, Mr. Bhayana, directly or indirectly, owned or controlled 100% of the multiple voting shares of Inscape and approximately 13.81% of the Class B subordinated voting shares of Inscape. Immediately after the transaction, Bhayana owns or controls 5,345,881 multiple voting shares representing 100% of the outstanding multiple voting shares and 2,346,600 Class B subordinated voting shares, representing approximately 25.2% of the outstanding Class B subordinated voting shares.

These securities have been acquired for investment purposes. Based upon a continuing evaluation of Inscape's financial condition, operations, and prospects, and of other business and investment opportunities, economic and market conditions, and contractual obligations, Mr. Bhayana reserves the right to change the purpose with respect to this investment and take such actions as they deem appropriate in light of the circumstances existing at the time.

Contact Information

  • Bhayana Management Ltd.
    72 Fairway Heights Drive
    Thornhill, Ontario, L3T 3A9
    905-731-6628