SEL Exchange Inc.

June 04, 2015 11:51 ET

SEL Exchange Inc. Announces Sale of Service Results Technology Inc. and Calls Special Meeting of Shareholders

TORONTO, ONTARIO--(Marketwired - June 4, 2015) - SEL Exchange Inc. (the "Company") (TSX VENTURE:SEL) announces it has entered into an agreement (the "Agreement") with 2461943 Ontario Inc. (the "Purchaser"), an Ontario private company that is an arm's length party to the Company, with respect to the sale of the Company's wholly owned subsidiary, Service Results Technology Inc. ("SRT"). Pursuant to the Agreement, the purchase price of SRT is $70 and the assumption of approximately $4.1 million in debt (the "Sale Price").

The sale of SRT is subject to the approval of the TSX Venture Exchange and the Company receiving dis-interested shareholder approval. The Purchaser will not be allowed to vote their shares of the Company in favor of the sale of SRT.

In connection with the sale of SRT, the Company has called a special shareholders' meeting for July 6, 2015 (the "Meeting"). At the Meeting, shareholders will be asked to approve the sale of SRT.

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.

Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Corporation cautions investors that any forward-looking information provided by the Corporation is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Corporation 's securities; the state of the industry; recent market volatility; the Corporation 's ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Corporation is unaware of at this time. The Corporation expressly disclaims any obligation to update any forward-looking statements except as may be required by law.

Contact Information

  • SEL Exchange Inc.
    Mark Di Cristofaro
    Interim CEO