TDZ Holdings Inc.

May 09, 2013 10:02 ET

TDZ HOLDINGS INC.-Results for the Three Months Ended March 31, 2013

TORONTO, ONTARIO--(Marketwired - May 9, 2013) - TDZ HOLDINGS INC., today announced its results for the three months ended March 31, 2013.

Overview

TDZ Holdings Inc. (the "Company") was formed under the Business Corporations Act (Ontario) upon amalgamation on April 28, 1999.

Summary of Results

Net income for the three months ended March 31, 2013 was $1,000 ($0.00 per share) on revenues of $9,000 as compared to net loss of $9,000 ($0.00 per share) on revenues of $9,000 for the three months ended March 31, 2012.

Net decrease in cash was $73,000 ($0.00 per share) during the three months ended March 31, 2013 as compared to a net decrease in cash of $4,000 ($0.00 per share) during the three months ended March 31, 2012.

Other Matters

On June 26, 2012, at an annual and special meeting of the Company, the shareholders voted to approve a plan to voluntarily dissolve the Company ("the Dissolution Plan").

As part of the Dissolution Plan, the Company applied for clearance certificates from the Canada Revenue Agency ("CRA") in September 2012 to confirm that no taxes are payable that would prevent the Company from making a final distribution of its remaining assets to its shareholders prior to dissolution.

On December 10, 2012, an income tax clearance certificate ("Clearance Certificate") was issued by CRA in connection with all corporate taxation years ended on or prior to December 31, 2011.

On February 5, 2013, a comfort letter ("Comfort Letter") was issued by the CRA to confirm that the Company's HST account is in good standing by noting that there are no outstanding debts or returns to be filed as at that date.

Given that the above noted Clearance Certificate and Comfort Letter have been received, the Company intends to seek consent to the dissolution from the Minister of Finance (Ontario) ("the Minister") in 2013.

Following receipt of the Minister's consent to the dissolution, the Company will make a final distribution to its shareholders of its remaining cash, after payment of all liabilities, in respect of their rights and interests in the Company ("the Final Distribution Amount").

Once the Final Distribution Amount has been distributed to the Company's shareholders, the Company will file articles of dissolution and will be formally dissolved.

The Company will continue to issue reports on its operating results and matters relating to the Dissolution Plan until the date on which articles of dissolution are filed.

Forward-looking Statements

This document contains forward-looking statements that are based on current expectations, estimates and projections of management of the Company. These forward-looking statements are subject to a number of unknown risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those expressed or implied by the forward-looking statements contained in this document. These forward-looking statements are made as of the date of this document and, subject to certain legal requirements, the Company is under no obligation to, and does not intend to, update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. All forward-looking statements attributable to the Company are expressly qualified by these cautionary statements.

Contact Information

  • TDZ Holdings Inc.
    Mr. Harvey Fruitman
    Executive Vice President, Secretary,
    and Chief Financial
    (416) 661-9290