Global Commerce Development Inc.

October 26, 2006 17:40 ET

Global Commerce Development Inc. Announces Closing of Going Private Transaction

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 26, 2006) - Global Commerce Development Inc. (the "Corporation") (TSX VENTURE:GQP) announces that it has closed its previously announced "going private" transaction pursuant to which the Corporation has amalgamated with 1250656 Alberta Ltd. ("AcquisitionCo") (the "Amalgamation"). Pursuant to the Amalgamation and related transactions, all shareholders of the Corporation, other than AcquisitionCo, are entitled to receive $0.20 cash per common share of the Corporation previously held by them.

The Amalgamation was overwhelmingly approved by the shareholders of the Corporation at a special meeting of shareholders held on October 26, 2006.

Registered shareholders of the Corporation were previously provided with letters of transmittal pursuant to which they may exchange their certificates representing common shares of Global Commerce Development Inc. for $0.20 in cash per common share. Registered shareholders must complete the letter of transmittal and forward it along with their share certificates to the depositary, Computershare Investor Services Inc., at its offices listed on the letter of transmittal, in order to receive payment.

Prior to the opening of markets on October 27, 2006 the common shares of Global Commerce Development Inc. will be halted from trading on the TSX Venture Exchange and will remain halted pending the Corporation's application to de-list the common shares from such exchange.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Global Commerce Development Inc.
    Lawrence Hill
    Chief Financial Officer
    (604) 278-8688