VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 25, 2016) - Strategem Capital Corporation ("Strategem" or the "Company") (TSX VENTURE:SGE) announces that it has resolved its income tax disputes with the Canada Revenue Agency ("CRA") and the Department of Justice ("DOJ"). A mutual consent to judgment has been filed with the Tax Court of Canada, under which the Company's appeals with respect to its taxation years ended March 31, 2007 and December 31, 2007 will be allowed and its appeals with respect to its taxation years ending December 31, 2008 and December 31, 2009 will be dismissed.
The reassessment of the Company's taxation year ended March 31, 2007 for an amount of $2,194,301, which the Company paid in 2014, will be vacated and the Company's payment is to be refunded with accrued refund interest. The reassessment of the Company's taxation year ended December 31, 2007 for an amount of $761,808, which amount the Company paid in 2014, will be vacated and the Company's payment is to be refunded with accrued refund interest. In 2013, the Company paid its reassessed 2008 and 2009 tax liabilities. No further amounts will be payable or refundable in respect of those taxation years.
About Strategem Capital Corporation
Strategem is a publicly-traded merchant bank whose investment objective is to provide capital growth through investments in a broad spectrum of diversified investment assets. These investment assets may include securities, mutual funds, government treasury issues, real estate or other related opportunities. Its investments shall be focused, high growth opportunities in private or public companies.
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.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
The forward-looking statements contained in this news release present the expectations of the Company as of the date hereof and, accordingly, is subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements.