VANCOUVER, April 7 /CNW/ - Aegis Investment Management (Golf) Inc. ("Aegis" or "the Company") (TSX-V: AIM.V) announced today that it will be extending the closing date on the non-brokered private placement announced on December 31, 2009, of up to 3,000,000 common shares, at a price of $0.50 per share, for gross total proceeds of $1.5 million.
The Company is in receipt of an irrevocable subscription agreement from a single investor for all of the common shares offered pursuant to the private placement. However, the subscriber has advised the Company that he expects to fund the subscription price out of certain monies that are currently being held in escrow in Texas in connection with another transaction unrelated to the Company, and that release of those funds from escrow remains subject to receipt of a clearance certificate from the United States Internal Revenue Service (the "IRS"). The Company has been informed by the subscriber that he foresees no problem in obtaining the clearance certificate, although it has taken the IRS longer to review the related application than he initially expected.
Closing of the private placement is expected to occur shortly after the funds are released from escrow, subject to final acceptance of the private placement by the TSX Venture Exchange (the "Exchange"), which in turn, is conditional upon receipt by the Exchange of the final private placement documentation required pursuant to Exchange Policy 4.1. The Exchange has conditionally accepted the private placement and, in light of the escrow arrangements disclosed by the subscriber to the Company, has indicated that it has no objection to an extension to the deadline for filing final private placement documentation (including the balance of the filing fee) to May 5, 2010. The Exchange, in its discretion, may refuse to provide final acceptance, and has also reserved the right to review the price of the private placement at the time the final documentation is filed if a material change in the affairs of the Company is announced during the filing period. The Company will issue a press release upon closing, including the expiry date of the hold period for the common shares to be issued pursuant to the private placement.
The Company intends to use the proceeds from the private placement for franchise marketing, debt repayment and general working capital.
About Aegis Investment Management (Golf), Inc., symbol AIM.V
Aegis is a Vancouver, Canada based franchise company building shareholder value and profits by focusing on helping golfers lower their scores, have more fun, and do more business on and off the golf course.
Their family of golf franchise brands include Parmasters Golf Training Centers, Links Golf Cafes, and Quantum Business Golf Seminars. Each are designed to help Individual Franchise Owners and Area Developers have more life and more profits. The Franchise Division is supported by a Real Estate Division, a Finance Division, and a Web 2.0 Division, all designed to support the growth and expansion of the franchise brands. Led by an experienced franchise development team, Aegis has created the world's first golf franchise company that literally guarantees results.
For corporate info: www.AegisInvestmentManagement.com
For franchise info: www.YourGolfFranchise.com
Certain information in this press release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect" ,"intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this press release describes the Company's expectations as of the date of this press release. The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from a conclusion, forecast or projection in such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events.
Forward-looking statements included in this press release include the Company's expectation that the subscription price will be funded out of monies that will be released from escrow, that the clearance certificate required to facilitate release of the monies from escrow will be forthcoming from the IRS, and that closing will occur shortly thereafter subject to final Exchange acceptance of the private placement. The Company has no control over the escrow arrangements or the IRS clearance certificate process, and there is no assurance that the funds will be released from escrow on a timely basis, if at all, or, if released, that they will not be subject to prior lien, attachment or encumbrance by a third party. In addition, as noted above, the Exchange, in its discretion, may refuse to provide final acceptance.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF AEGIS AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE.
Neither the 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 AEGIS INVESTMENT MANAGEMENT (GOLF), INC.
For further information: For further information: Tom Matzen, President and CEO, Aegis Investment Management (Golf), Inc., Telephone: 1-800-663-2331, Fax: 1-800-416-6325, Email: email@example.com, Corporate URL: www.aegisinvestmentmanagement.com, Franchise URL: www.YourGolfFranchise.com