SPOKANE, WASHINGTON--(Marketwired - Nov. 18, 2016) - Reg Technologies Inc. ("Reg") or (TSX VENTURE:RRE)(OTC PINK:REGRF) or ("the Company") REGI U.S., Inc. ("REGI") or (OTC PINK:RGUS) or ("the Company")
The Board of Directors of Reg Technologies Inc. ("REG") is pleased to announce that all motions put forward for approval at its Special Shareholders meeting on November 18th, 2016 were passed, specifically,
- The transaction of Reg Technologies Inc. with Regi U.S., Inc. (" REGI" ) pursuant to the provisions of Section 301(1)(b) of the Business Corporations Act (British Columbia) and upon the terms and conditions set forth in an asset purchase agreement dated September 16th, 2016 between REG and REGI (the "Transaction Agreement") attached as Schedule "B" to the management information circular of REG dated October 12, 2016 was approved and adopted.
- The execution and delivery by REG of the Transaction Agreement was ratified and approved.
This completes the consolidation of all assets, specifically all IP, "Intellectual Property" into a single company. REGI is a US based company, trading on the OTCQB under the symbol RGUS.
Paul W Chute, President of both companies, applauds this move to a more consolidated and focused organization as an important step in the resurrection of our RadMax technology. This consolidation of assets not only has significant benefits in cost saving, focus of efforts, and efficiency, but better protects our intellectual property and facilitates development and marketing arrangements with other companies. REG's asset sale to REGI is a Win-Win for all Shareholders of both companies.
Regi U.S., Inc. will issue an aggregate of 50,591,350 of its restricted common shares to REG for distribution as a Dividend in Kind to all REG shareholders of record date November 18th, 2016. This distribution process should commence within three weeks and be completed by Christmas, 2016. Please see our new website radmaxtech.com for detailed information relative to this transaction and other developing news and activities.
Going forward all Reg Technologies Inc. shareholders of Record Date November 18th, 2016 will have their REGI shares trading on OTCQB with the symbol RGUS.
ON BEHALF OF THE BOARD OF DIRECTORS
Reg Technologies, Inc.
Paul Chute, President and CEO
Regi U.S., Inc.
Paul W Chute, President and CEO
ABOUT REG TECHNOLOGIES INC. AND REGI U.S., INC.
Reg Technologies Inc. and REGI U.S., Inc. are developing for commercialization an improved axial vane type rotary engine known as the RadMax™ rotary technology used in the revolutionary design of lightweight and high efficiency engines, compressors and pumps. The RadMax™ engine has only two unique moving parts, the vanes (up to 12) and the rotor, compared to the 40 moving parts in a simple four-cylinder piston engine. This innovative design makes it possible to produce up to 24 continuous power impulses per one rotation that is vibration-free and extremely quiet. The RadMax™ engine also has several capabilities allowing it to operate on fuels including gasoline, natural gas, hydrogen, propane and diesel. For more information, please visit radmaxtech.com
Statements in this press release regarding the business of Reg Technologies Inc. and REGI U.S, Inc. (together the "Companies'") which are not historical facts are "forward-looking statements" that involve risks and uncertainties, including management's expectation on closing the second tranche of the private placement, certain of which are beyond the Companies' control. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.
Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to: the impact of competitive products and pricing, the Companies' dependence on third parties and licensing/service supply agreements, and the ability of competitors to license the same technologies as the Companies or develop or license other functionally equivalent technologies; financing requirements; changes in laws, rules and regulations applicable to the Companies and changes in how they are interpreted and enforced, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, and the United States, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange, stock market volatility and market valuations of companies with respect to announced transactions. The Companies' actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements, including those described in Reg Technologies' financial statements, management discussion and analysis and material change reports filed with the Canadian Securities Administrators and available at www.sedar.com, and its Form 20-F filed with the United States Securities and Exchange Commission at www.sec.gov, and REGI's Form 10-KSB annual report filed with the United States Securities and Exchange Commission at www.sec.gov. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Companies will derive therefrom.
Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Companies or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Companies do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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.