Folkstone Capital Corp.
TSX VENTURE : FKS.P

February 13, 2013 15:32 ET

Folkstone Capital Corp., Directors Completes Management Changes and Sale of Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 13, 2013) - (TSX VENTURE:FKS.P) Folkstone Capital Corp. ("Folkstone" or the "Corporation") wishes to announce the completion of the sale of 2,000,000 common shares of the Corporation by the current directors and officers of the Corporation (collectively, the "Sellers") to Eric Owens, Mario Miranda and Eddy Canova (collectively, the "Purchasers") for aggregate proceeds of $150,000 or $0.075 per share. Such shares will continue to be held in escrow pursuant to the capital pool company policies of the TSX Venture Exchange (the "TSXV").

In connection with the foregoing, all of the Sellers have resigned from their positions as directors and/or officers of the Corporation, their stock options have been cancelled and the Purchasers have been appointed to the board of directors of the Corporation. Additionally, Mr. Owens and Mr. Miranda have been appointed Chief Executive Officer and Chief Financial Officer and Secretary respectively of the Corporation. Management wishes to thank each of the Sellers for their contributions to the Corporation.

The Corporation has obtained the consent of a majority of its disinterested shareholders to complete the foregoing transactions and has received conditional approval from the TSXV.

The TSXV has in no way passed upon the merits of the foregoing and has neither approved nor disapproved the contents of this press release. 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 or accuracy of this release.

Contact Information

  • Folkstone Capital Corp.
    Mario Miranda
    Chief Financial Officer
    905.467.5564