GuestLogix Inc.

GuestLogix Inc.

August 10, 2007 16:28 ET

Tom Douramakos Announces Acquisition of 17,099,545 Common Shares of GuestLogix Inc.

TORONTO, ONTARIO--(Marketwire - Aug. 10, 2007) - Growthgen Equity II Inc. ("Growthgen") has acquired of all of the issued and outstanding shares of GuestLogix Inc. ("GuestLogix")(TSX VENTURE:GXI) and has amalgamated with GuestLogix (the "Transaction") under the name GuestLogix Inc. (the "Amalgamated Corporation").

In connection with the Transaction, Tom Douramakos, an officer and former shareholder of GuestLogix, has acquired 17,099,545 common shares of the Amalgamated Corporation, representing 38.54% of the outstanding common shares of the Amalgamated Corporation as of the closing of the Transaction.

Such common shares were issued to Mr. Douramakos in exchange for 4,339,986 shares of GuestLogix that he held and such common shares are held in escrow pursuant to the requirements of the TSX Venture Exchange. Mr. Douramakos also holds the following securities of the Amalgamated Corporation: options to purchase 134,181 common shares, warrants to purchase 591,000 common shares and debentures convertible into 1,006,036 common shares.

For a full description of the Transaction, please refer to the filing statement of Growthgen filed on on July 24, 2007.

Mr. Douramakos is issuing this press release pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues - and applicable Canadian securities legislation.

Contact Information

  • Tom Douramakos
    111 Peter Street, Suite 302
    Toronto, Ontario M5V 2H1
    (416) 642-0349 ext. 7005