GuestLogix Inc.
TSX VENTURE : GXI

GuestLogix Inc.

August 10, 2007 16:27 ET

Gerry Osborne Announces Acquisition of 4,300,471 Common Shares of GuestLogix Inc.

TORONTO, ONTARIO--(Marketwire - Aug. 10, 2007) - Growthgen Equity II Inc. ("Growthgen") has acquired of all of the issued and outstanding shares of GuestLogix Inc. ("GuestLogix")(TSX VENTURE:GXI) and has amalgamated with GuestLogix (the "Transaction") under the name GuestLogix Inc. (the "Amalgamated Corporation").

In connection with the Transaction, Gerry Osborne, a former shareholder of GuestLogix, has acquired 4,300,471 common shares of the Amalgamated Corporation, representing 9.69% of the outstanding common shares of the Amalgamated Corporation as of the closing of the Transaction.

Such common shares were issued to Mr. Osborne in exchange for 1,091,490 shares of GuestLogix that he held. Mr. Osborne also holds the following securities of the Amalgamated Corporation: warrants to purchase 1,704,137 common shares and debentures convertible into 2,900,870 common shares.

For a full description of the Transaction, please refer to the filing statement of Growthgen filed on www.SEDAR.com on July 24, 2007.

Mr. Osborne is issuing this press release pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues - and applicable Canadian securities legislation.

Contact Information

  • GuestLogix Inc.
    David Campbell
    Chief Financial Officer
    (416) 642-0349 x. 7062