Vitreous Glass Inc.
TSX VENTURE : VCI

January 12, 2015 15:30 ET

Cashion Acquires Additional Shares of Vitreous Glass Inc.

CALGARY, ALBERTA--(Marketwired - Jan. 12, 2015) - J. Patrick Cashion of Calgary, Alberta, President and a Director of Vitreous Glass Inc. ("Vitreous") (TSX VENTURE:VCI), announces that Mr. Cashion, his spouse and a corporation owned by them ("Holdco") (collectively, the "Cashions") have acquired direct or beneficial ownership of an additional 350,000 common shares ("Common Shares") in the capital of Vitreous Glass Inc. (the "Corporation") pursuant to a share purchase agreement dated January 12, 2015 (the "Agreement"), as part of a larger transaction (the "Transaction"). Pursuant to the Transaction Holdco has also obtained voting rights to 300,000 Common Shares acquired by third parties.

The Common Shares were purchased in a private transaction from Irv Thomas Investments Ltd., a corporation owned by H. Irvin Thomas, who ceased to be a director of Vitreous on March 19, 2014, at a price of $1.55 per Common Share. Irv Thomas Investments Ltd. had previously granted Mr. Cashion an option to purchase all of its Common Shares upon the death of Mr. Thomas (the "Option"). This Option was terminated by Mr. Cashion and Mr. Thomas pursuant to the Transaction.

Upon completion of the Transaction, Mr. Cashion, his spouse and Holdco will hold a total of 2,232,200 Common Shares representing 35.9% of the currently issued and outstanding Common Shares of Vitreous. Holdco exercises voting control over an additional 525,000 Common Shares owned by third parties, representing 8.45% of the currently issued and outstanding Common Shares of Vitreous.

The Cashions acquired the securities for investment purposes and may, in the future, acquire ownership of, or control or direction over, additional securities of Vitreous, but have no present intention to do so.

A copy of the early warning report in respect of these acquisitions to be filed with the applicable securities commissions can be found at www.sedar.com.

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 and accuracy of this release.

Contact Information

  • VITREOUS GLASS INC.
    Pat Cashion, President
    (403) 948-7811