Garneau Inc. announces shareholder approval of voluntary liquidation and dissolution

NEX - GAR.H

NISKU, AB, Nov. 7, 2011 /CNW/ - Garneau Inc. ("Garneau" or the "Corporation") announces that at a special meeting of shareholders (the "Meeting") of the Corporation held on November 7, 2011, the shareholders of the Corporation approved a special resolution authorizing: (i) the liquidation of the Corporation; (ii) the distribution of the remaining assets of the Corporation, which is expected to be a small amount of cash; and (iii) the dissolution of the Corporation, all in accordance with the requirements of the Business Corporations Act (Alberta) and pursuant to a plan of liquidation and dissolution.

The Corporation has filed a Certificate of Intent to Dissolve and expects to complete its voluntary liquidation and dissolution on or about November 30, 2011. Any cash remaining at that time will be distributed on a pro rata basis to Garneau's shareholders.  A letter of transmittal (the "Letter of Transmittal") will be mailed to registered shareholders in due course with instructions as to how shareholders may claim their pro rata share of such cash distribution.

Completion of such transactions also remains subject to stock exchange and other applicable regulatory approvals.  For more information, please refer to the Letter of Transmittal and the Corporation's management proxy circular dated October 7, 2011.

Forward-Looking Information

Certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "may", "plan", "expect", "project", "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

In particular, this document contains forward-looking statements pertaining to the timing of the completion of the liquidation and dissolution of the Corporation, the potential existence and timing of a cash distribution and the delivery of the Letter of Transmittal.

Actual events could differ materially from those anticipated in these forward-looking statements as a result of certain risk factors, including the receipt of all necessary regulatory approvals for the transactions contemplated herein, the receipt of required shareholder approvals, the potential for unexpected costs and expenses such that the Corporation will not have sufficient funds to complete a Liquidation Distribution upon the completion of the transactions contemplated herein, the possibility that the Plan of Liquidation is not put into effect by the Board and the ability of a claimant, in certain circumstances, to make claims after the Corporation is dissolved that may be satisfied through the Liquidation Distribution from the Shareholders up to 2 years after the date of dissolution. 

The forward-looking statements contained herein are based on certain key expectations and assumptions of the Corporation which are subject to change. Although the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Corporation does not undertake to release publicly any revisions to these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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

SOURCE Garneau Inc.

For further information:

Glen Garneau
Acting President and CEO

Darlene Kirkpatrick
Project and Communications Manager

Phone: (780) 974-8286
Fax: (780) 955-7715

Profil de l'entreprise

Garneau Inc.

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