The strategic alternatives being pursued include the potential sale of all or a material portion of the Company’s 51% equity interest in
The Strategic Review process has not been initiated as a result of receiving any offer or the entering into of any definitive purchase agreement and consequently, there are no assurances that a transaction will be undertaken. It is the Company’s current intention not to disclose developments with respect to the process unless and until the board of directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate, or as required under applicable securities laws. The Company cautions that there can be no assurances that the process will result in
The Company also announces today that, as part of the Strategic Review process, it will be taking steps to reduce operating expenses with the goal of producing substantial annual savings. In addition, the board of directors intends to reduce the number of board seats from six to four, with the resigning directors and their resignation dates being announced at a future date.
The Company further announces today that it has delivered a termination notice to
On behalf of the Board of Directors,
(705) 446-6630
For further information, please contact:
Communications
gavin@captorcapital.com
(705) 446-6630
Forward-Looking Information
This press release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (“forward-looking information”). Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking information in this press release includes, without limitation, statements relating to the engagement of
Forward-looking information is subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Such risks and uncertainties include, without limitation: the ability to obtain, in a timely manner, all necessary regulatory, stock exchange, shareholder and other third-party approvals to consummate any transactions contemplated by the Strategic Review; the risk of any disruptions to the Company’s business and operations as a result of the COVID-19 pandemic; competition; conflict in eastern
Readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.
Source:
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