Leezamax Capital Corp.

November 25, 2009 15:20 ET

Leezamax Capital Corp. Announces Extension of Time to Complete Qualifying Transaction

SURREY, BRITISH COLUMBIA--(Marketwire - Nov. 25, 2009) - Leezamax Capital Corp. of Surrey B.C. (TSX VENTURE:LZX.P) ("Leezamax" or the "Corporation") is pleased to announce that the TSX Venture Exchange (the "Exchange") has granted an extension of time to complete its Qualifying Transaction to March 31, 2010. This extension was granted pursuant to an application by the Corporation under the Exchange bulletin entitled End of Temporary Relief Measures Period dated September 11, 2009.

As disclosed in a news release dated November 5, 2009, Leezamax has entered into a letter of intent with Longview Advantage Limited ("Longview") to acquire all of the issued and outstanding common shares of Longview as the Corporation's Qualifying Transaction. Leezamax will be preparing an information circular disclosing the details of this proposed Qualifying Transaction to be filed and mailed to shareholders seeking Majority of the Minority Approval (as defined in Exchange Policy 2.4). In conjunction with this special meeting, Leezamax will also be holding an annual general meeting, which was due to be held before July 9, 2008. The Corporation has also obtained a Court of Queen's Bench order extending the time for holding the annual general meeting to no later than March 31, 2010.

The Corporation has made an initial submission to the Exchange in respect of the proposed Qualifying Transaction, and anticipates that is will be able to complete the acquisition prior to the deadlines set out in the extensions granted.

Completion of the proposed Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange requirements, Majority of the Minority Approval by the shareholders. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the information circular, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Forward-Looking Statements
Certain statements contained in this news release constitute forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "subject to" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.

Neither 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

  • Leezamax Capital Corp.
    Terry Rogers
    President and CEO
    (604) 531-8113
    Longview Advantage Limited
    William Quinney
    (403) 291-2905