Danbel Ventures Inc.

October 27, 2014 13:03 ET

Danbel Ventures Inc. Announces Resignation of CEO and Shareholder Loan

TORONTO, ONTARIO--(Marketwired - Oct. 27, 2014) - Danbel Ventures Inc. (the "Company") announces that its majority shareholder, Michael Stein and/or his affiliate, has agreed to continue to loan the Company funds for general administrative costs of the Company (the "Loan"), while the Company continues its search for assets or businesses to acquire. The total amount of the Loan as of today is approximately $10,000.

All sums advanced bear interest from the date each advance is made until paid in full at the rate of ten percent (10%) per annum. The Loan is secured by a general security agreement and is due on demand. The Company may repay the Loan at any time.

Mr. Stein currently holds, directly and indirectly, 5,058,881 common shares of the Company ("Common Shares"), representing approximately 89.3% of the issued and outstanding Common Shares as of the date hereof, on a non-diluted basis and is a "related party" of the Company within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Mr. Stein also holds secured debt of the Company in the amount of approximately $250,000. As such, the Loan constitutes a "related party transaction" within the meaning of MI 61-101. However, the Company is relying on an exemption from the minority approval requirement.

The directors have determined that it is reasonable for the Loan to close in fewer than 21 days from the announcement of the Loan because the terms of the Loan are commercially reasonable and it is necessary for the survival of the Company.

The Company also announces that Barry Polisuk has resigned as President and Chief Executive Officer of the Company. Mr. Polisuk will continue in his role as Secretary and a director of the Company.

Michael Stein has been appointed the new President and Chief Executive Officer of the Company. Michael Stein currently acts as a financial consultant and advises clients on various matters, including acquisitions, divestitures, corporate financings, re-organizations and restructurings. Mr. Stein is also the President and Chief Executive Officer Applied Inventions Management Corp. Mr. Stein was a past Director, U.S. Money Markets for a federally chartered Canadian Trust Company and prior thereto a Senior Institutional Money Banker for a Savings & Loan Association in Long Beach, California. Mr. Stein majored in economics and graduated with a Bachelor of Arts from York University.

Contact Information

  • Danbel Ventures Inc.
    Mr. Michael Stein
    President and CEO
    416-816-9690