Triwood Capital Corp.

December 22, 2010 18:07 ET

Triwood Capital Corp. Announces Transfer to NEX and Cancellation of Certain Seed Shares

CALGARY, ALBERTA--(Marketwire - Dec. 22, 2010) - Triwood Capital Corp. ("Triwood") (TSX VENTURE:TRD.P), a capital pool company pursuant to Policy 2.4 (the "CPC Policy") of the TSX Venture Exchange (the "TSX-V") is pleased to announce the transfer of its listing to the NEX board of the TSX-V (the "NEX"). 

Triwood's shares were listed for trading on the TSX-V on September 11, 2008. In accordance with the CPC Policy, Triwood was given 24 months to complete a Qualifying Transaction (as defined in the policies of the TSX-V). 

On August 4, 2010, Triwood announced an intention to acquire all of the issued and outstanding securities of Algae Biosciences Corp. ("ABC") as its Qualifying Transaction (the "Transaction"). To date, Triwood has made progress towards completing the Transaction. However, Triwood has been unable to complete the Transaction within the allotted 24 month period, and as such Triwood has obtained shareholder approval, exclusive of the votes of non-arm's length parties to Triwood, to transfer its listing to the NEX.

Triwood received the required shareholder approval for the transfer of the trading of its common shares to NEX at a special meeting of its shareholders held on December 13, 2010. In connection with the transfer to NEX, a total of 600,000 common shares of Triwood which constitute "seed shares" under the Policy have been cancelled.

NEX is a separate board of the TSX-V for companies previously listed on the TSX-V which do not meet, among others, the ongoing financial listing standards of those markets or other requirements such as the completion of a Qualifying Transaction within a certain period for a capital pool company. 

Triwood has filed an application with the TSX-V requesting that the common shares be reinstated for listing on NEX. 

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of the content of this release.

Contact Information

  • Triwood Capital Corp.
    Kevin Blanchette
    President, Chief Executive Officer, and Secretary
    (403) 241-8477