SOURCE: WesternOne Inc.

WesternOne Inc.

October 31, 2016 09:00 ET

WesternOne Inc. Announces Completion of Share Consolidation

VANCOUVER, BC--(Marketwired - October 31, 2016) - WesternOne Inc. ("WesternOne") (TSX: WEQ) (TSX: WEQ.DB) announced today that, following the approval by WesternOne's shareholders obtained on October 28, 2016, WesternOne has completed the consolidation of its issued and outstanding common shares on the basis of one post-consolidation common share for every 35 pre-consolidation common shares (the "Consolidation") resulting in a total of 17,017,044 common shares issued and outstanding following the Consolidation. No fractional common shares will be issued as a result of the Consolidation. Any fractional common share of WesternOne resulting from the Consolidation will be rounded down to the nearest whole post-Consolidation common share and such fractional common share will be cancelled. Subject to the approval of the Toronto Stock Exchange (the "TSX"), WesternOne's common shares are expected to commence trading on the TSX on a post-Consolidation basis on or about November 3, 2016.

Holders of common shares of WesternOne who hold uncertificated common shares (i.e., shares held in book-entry form and not represented by a physical share certificate), either as registered holders or beneficial owners, will have their existing book-entry account(s) electronically adjusted by WesternOne's transfer agent or, for beneficial shareholders, by their brokerage firms, banks, trusts or other nominees that hold in "street name" for their benefit. Such holders do not need to take any additional actions to exchange their pre-Consolidation common shares for post- Consolidation common shares.

Beneficial shareholders holding their common shares through a bank, broker or other nominee should note that such banks, brokers or other nominees may have different procedures for processing the Consolidation than those that have been put in place by WesternOne for registered shareholders. If you hold your common shares with such a bank, broker or other nominee and if you have questions in this regard, you are encouraged to contact your nominee.

Registered shareholders holding share certificates will be mailed a letter of transmittal to exchange their pre-Consolidation common shares for post-Consolidation common shares of WesternOne. Such registered shareholders should complete the letter of transmittal and return it, along with the share certificate(s) representing the pre-Consolidation common shares of WesternOne, to Computershare Investor Services Inc. in accordance with the instructions set forth in the letter of transmittal. A copy of the letter of transmittal sent to registered shareholders of WesternOne is available on SEDAR (www.sedar.com) and on WesternOne's website (www.weq.ca).

For additional information regarding the Consolidation, please refer to WesternOne's Notice of Special Meeting and Information Circular dated September 27, 2016, which is available on SEDAR (www.sedar.com).

Forward-Looking Information
Certain statements in this news release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information includes, without limitation, statements with respect to the treatment of fractional common shares, the procedure for the exchange of common shares pursuant to the Consolidation and the anticipating timing of the common shares trading on the TSX on a post-Consolidation basis.

Forward-looking information contained in this news release is based on certain key expectations and assumptions made by WesternOne, including, without limitation, that WesternOne will be able to obtain all necessary regulatory approvals on a timely basis.

Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this news release. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward- looking information, including, but not limited to, the factors set out under the section "Particulars of Matters to be Acted Upon - Amendment to the Articles of Amalgamation of the Corporation - Share Consolidation - Certain Risk Factors Associated with the Share Consolidation" within WesternOne's Notice of Special Meeting and Information Circular dated September 27, 2016, and the factors set out under the section "Risk Factors" in each of WesternOne's Annual Information Form dated March 30, 2016 and WesternOne's Management's Discussion and Analysis dated August 11, 2016, each of which is available on SEDAR (www.sedar.com).

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to WesternOne. The forward-looking information is made as of the date of this news release and WesternOne assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

About WesternOne
WesternOne seeks to acquire and grow businesses in the construction and infrastructure services sectors in order to generate value for its shareholders.

Additional Information
Additional information relating to WesternOne and other public filings, is available on SEDAR at www.sedar.com or on WesternOne's website at www.weq.ca.

Trading Symbols
Toronto Stock Exchange: WEQ and WEQ.DB

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

Contact Information

  • For more information about this news release, please contact:

    Carlos Yam
    Chief Financial Officer
    WesternOne Inc.
    Suite 910, 925 West Georgia Street
    Vancouver, BC V6C 3L2
    Phone: (604) 678-4042
    E-mail: cyam@weq.ca

    For investor relations information, please contact:

    Andrew Greig
    Manager of Investor Relations
    WesternOne Inc.
    Suite 910, 925 West Georgia Street
    Vancouver, BC V6C 3L2
    Phone: (604) 678-4042
    E-mail: agreig@weq.ca