January 05, 2017 11:45 ET
CALGARY, ALBERTA--(Marketwired - Jan. 5, 2017) - Grand Power Logistics Group Inc. ("Amalco") announces that Grand Power Logistics Group Inc. ("Grand Power") (TSX VENTURE:GPW) has closed the previously announced amalgamation with 2001123 Alberta Ltd. (the "Amalgamation") to form Amalco, which will continue under the name Grand Power Logistics Group Inc.
Under the terms of the Amalgamation, the common shares of Grand Power owned by Tong (Ricky) Chiu ("Chiu") and Sheng Ning (Candace) Wong (the "Acquirors") were exchanged for common shares of Amalco and the common shares of Grand Power not owned by the Acquirors were exchanged for redeemable preferred Class A shares of Amalco which were immediately redeemed at a price of $0.09 per share.
Amalco has received confirmation from the TSX Venture Exchange (the "Exchange") that effective at the close of business on Friday, January 6, 2017, the common shares of Grand Power will be delisted from the Exchange. Amalco will concurrently make an application to the Canadian securities regulatory authorities for an order that Amalco, which became a reporting issuer by virtue of the Amalgamation, will no longer be a reporting issuer under applicable Canadian securities laws.
The Amalgamation is more fully described in the management information circular of Grand Power dated November 17, 2016 which is available on Grand Power's SEDAR profile at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulations 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.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
Forward-looking statements or information contained in this press release are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Amalco disclaims any intent or obligation to update forward-looking statements or information except as required by law.
Alan ChanSecretaryGrand Power Logistics Group Inc.(403) email@example.com
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