FREDERICTON, NEW BRUNSWICK--(Marketwired - April 11, 2017) - Trius Investments Inc. ("Trius" or the "Company") (TSX VENTURE:TRU) is pleased to provide the following corporate update.
Trius will be proceeding with a request to the TSX Venture Exchange (the "Exchange") for a reclassification of business from a Tier II Industrial issuer to a Tier II Investment issuer. The Company plans to focus on strategic investments in private and public real estate and investments in entities operating in the health care sector, which matches the Company's remaining assets after its sale of its subsidiary Trius Disposal Systems Ltd. in 2016.
The Exchange has concluded a review regarding certain Trius's practices and compliance with Exchange Policies and Requirements. Following this review, Trius was placed on Notice to Comply by the Exchange citing the following contraventions of Exchange Policy with respect to related party transactions:
- Section 6 & 19.2 of Exchange Policy 3.1, Directors, Officers, Other Insiders & Personal, and Corporate governance.
- Section 8 of Exchange Policy 3.2 Filing Requirements and Continuous disclosure for Non-Arm's length party transactions.
- Section 3.8 (t) of Exchange Policy 3.3 Timely Disclosure.
Related party transactions are governed by the Exchange's policies and procedures. In some cases Trius reporting methods did not always conform to the above noted policies.
Since Trius formation many of its transactions were with related parties always with the goal of increasing shareholder value by benefiting from the experience and relationships of its officers and directors. Disclosure of such entities and transactions has been reported in the annual Audited Financial Statements in accordance with International Financial Reporting Standards and Canadian generally accepted accounting principles and in the quarterly and annual MD&A reports. From its 19 year accumulated profits, Trius was able to distribute to its shareholders a cash dividend of approximately $6.5 million in 2016. During this time Trius did incur a loss of approximately $188,000 on a related party transaction with Colt Builders Ltd and Colt Formworks Inc. While no officer or director ever received any direct or indirect financial gain from this transaction, management will comply with the Exchange request that the directors and officers make payment to Trius in that amount.
Trius is adopting the following corporate governance policies which will be available on www.sedar.com and is planning on expanding its board of directors by 2 independent positions: corporate investment policy, a corporate disclosure policy and a code of conduct policy.
This press release may contain forward-looking statements including management's assessment of future plans. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include uncertainties resulting from potential delays or changes in plans with respect to projects or capital expenditures.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
Trius Investments Inc. is listed on the TSX Venture Exchange under the symbol "TRU".