PGNX Capital Corp.

July 31, 2014 16:12 ET

PGNX Makes Application to Cease to be a Reporting Issuer

WINNIPEG, MANITOBA--(Marketwired - July 31, 2014) - PGNX Capital Corp. ("PGNX" or the "Corporation") advises that it has made application to the securities commissions in the Provinces in which it is a reporting issuer (British Columbia, Alberta, Saskatchewan and Ontario) to cease to be a reporting issuer, with a view to saving future costs while the Corporation completes its previously announced plan of liquidation ("Liquidation Plan").

In connection with one of the conditions to finalization of the Liquidation Plan, PGNX advises that it has made its filing with the Canada Revenue Agency (the "CRA") with respect to a final clearance certificate for its tax filings. PGNX would expect to receive a final clearance certificate within 5-6 months of filing; on or about November 30, 2014. Once a final clearance certificate is issued by the CRA, and in accordance with the Liquidation Plan, the Corporation plans to make a final distribution to its shareholders (estimated to be between $0.02 and $0.04 per share, based on current estimates) on or about December 31, 2014. Thereafter, PGNX would file its final dissolution documentation such that the Corporation will cease to exist.

If the Corporation is successful in its application to cease to be a "reporting issuer", it would remain 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 Corporation will advise by press release if, and when, an order has been granted by the applicable securities regulatory authorities for the Corporation to cease to be a reporting issuer.

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.

Neither the 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

  • PGNX Capital Corp.
    Suite 300, 1001 Corydon Avenue
    Winnipeg, Manitoba, R3M 0B6
    Attention: Jon Kliewer, Chief Financial Officer
    (204) 954-5132