WINNIPEG, MANITOBA--(Marketwired - Aug. 26, 2014) - PGNX Capital Corp. ("PGNX" or the "Corporation") advises that it has received a decision (the "Decision") from its principal regulator, the British Columbia Securities Commission, on behalf of each of the securities commissions in the Provinces in which it is a reporting issuer (British Columbia, Alberta, Saskatchewan and Ontario) (the "Jurisdictions") that it has ceased to be a reporting issuer on August 15, 2014.
As part of its previously announced plan of liquidation ("Liquidation Plan"), PGNX expects to receive a final clearance certificate within 5-6 months of filing of its request with the Canada Revenue Agency ("CRA"); being on or about November 30, 2014. Once a final clearance certificate is issued by CRA, the Corporation plans to make a final distribution to its shareholders (currently estimated to be between $0.02 and $0.04 per share) on or about December 31, 2014. Thereafter, PGNX would file its final dissolution documentation such that the Corporation will cease to exist.
The Corporation remains subject to the requirements of the Business Corporations Act (Alberta) ("ABCA"), which include the requirement to hold an annual shareholders meeting and prepare and distribute annual audited financial statements to its shareholders, all in accordance with the requirements of the ABCA for so long as PGNX continues to exist.
The Decision requires that if PGNX has not dissolved on or before December 31, 2014, it will, on or about that date, issue a news release regarding the status of its Liquidation Plan and anticipated timing of its dissolution. Additionally, if PGNX has not dissolved by March 31, 2015, on or about that date and thereafter on a quarterly basis until it dissolves, issue a news release on the status of its Liquidation Plan and anticipated timing of its dissolution. PGNX will notify the Jurisdictions at any time before its dissolution if it commences an active business or any commercial operations, proposes to undertake a public or private offering of securities in any jurisdiction, or files a Revocation of Intent to Dissolve under the ABCA. As soon as practicable after the time of dissolution, PGNX will issue a news release confirming its dissolution.
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking information and statements which constitute "forward-looking information" under Canadian securities law and which may be material regarding, among other things, PGNX's beliefs, plans, objectives, strategies, estimates, intentions and expectations. Forward-looking information and statements are typically identified by words such as "anticipate", "believe", "expect", "estimate", "forecast", "goal", "intend", "plan", "will", "may", "should", "could" and similar expressions.
Inherent in the forward-looking information and statements are known and unknown risks, uncertainties and other factors beyond PGNX's ability to control or predict, which give rise to the possibility that PGNX's predictions, forecasts, expectations or conclusions will not prove to be accurate, that its assumptions may not be correct and that its plans, objectives and statements will not be achieved. Actual results or developments may differ materially from those contemplated by the forward-looking information and statements.
PGNX disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.