Vitreous Glass Inc.
TSX VENTURE : VCI

January 06, 2011 16:32 ET

Cashion Acquires Additional Shares of Vitreous Glass Inc.

CALGARY, ALBERTA--(Marketwire - Jan. 6, 2011) - J. Patrick Cashion of Calgary, Alberta, President and a Director of Vitreous Glass Inc., ("Vitreous") (TSX VENTURE:VCI) announces that, pursuant to a share purchase agreement dated January 6, 2011 (the "Agreement"), Mr. Cashion, his spouse and a corporation owned by them ("Holdco") have acquired direct or beneficial ownership of 75,000 common shares in the capital of Vitreous ("Common Shares") and have agreed to purchase a further 150,000 Common Shares in two further instalments over the next two years, resulting in an aggregate of 225,000 Common Shares being acquired directly or beneficially by Mr. Cashion, his spouse and Holdco. Pursuant to the Agreement Holdco also acquired voting rights to a further 75,000 Common Shares acquired by a third party and will acquire voting rights to a further 150,000 Common Shares to be acquired by a third party in two further instalments over the next two years.

The Common Shares were purchased in a private transaction from Irv Thomas Investments Ltd., a corporation owned by H. Irvin Thomas, Chairman and a director of Vitreous, at a price of $1.75 per Common Share. Irv Thomas Investments which had previously granted Mr. Cashion an option to purchase all of its Common Shares upon the death of Mr. Thomas (the "Option"). After completion of the purchases under the Agreement, the number of Common Shares held by Irv Thomas Investments Ltd. which are available to Mr. Cashion pursuant to the Option will be 650,000.

Mr. Cashion, his spouse and Holdco currently hold a total of 1,737,200 Common Shares representing 28.9% of the currently issued and outstanding Common Shares of Vitreous. Mr. Cashion, his spouse and Holdco have agreed to acquire a further 150,000 Common Shares over the next 2 years pursuant to the Agreement and Mr. Cashion holds stock options exercisable until December 21, 2011 to acquire an additional 150,000 Common Shares. Upon acquisition of the additional shares and the exercise of the stock options, the total shareholdings of Mr. Cashion, his spouse and Holdco would total 2,037,200, or 33.1% of the outstanding Common Share of Vitreous on a fully diluted basis.

If Mr. Cashion were to exercise the option from Irv Thomas Investments Ltd. and his stock options from Vitreous, he, together with his spouse and Holdco, would hold a total of 2,687,200 shares in Vitreous, representing 43.6% of the 6,158,667 shares which would be outstanding on a fully diluted basis and would have voting rights for a further 225,000 Common Shares, representing an additional 3.6%.

Mr. Cashion acquired the securities for investment purposes and may, in the future, acquire ownership of, or control or direction over, additional securities of Vitreous, but has 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