TSX Venture Exchange Symbol: BVI.P
TORONTO, June 29 /CNW/ - In connection with the transactions contemplated within the qualifying transaction agreement dated December 23, 2008 (the "QT Agreement") between Bellair Ventures Inc. ("Bellair"), a "capital pool company" (as defined in Policy 2.4 (the "CPC Policy") of the TSX Venture Exchange Inc. (the "Exchange")), and DiBattista Industries Inc. ("DBI"), the termination of which was disclosed in a press release disseminated by Bellair on April 23, 2009, DBI executed an amended and restated demand promissory note dated April 23, 2009 in favour of Bellair in the amount of Cdn. $225,000 due January 15, 2010 (the "Loan"), the obligations under which are personally guaranteed by a principal of DBI, Romeo DiBattista.
On January 18, 2010, Bellair, DBI and the guarantor agreed to extend the maturity date of the Loan, as well as the obligations under the guarantee, to May 31, 2010. On June 16, 2010, and upon payment by DBI of $39,279.45 representing all of the interest accrued and payable up to June 30, 2010, Bellair, DBI and the guarantor agreed to further extend the maturity date of the Loan, as well as the obligations under the guarantee, to August 31, 2010. Bellair will disseminate a subsequent news release providing an update as to the status of the Loan should an additional extension be required.
Pursuant to the letter of intent between Bellair and DBI and the QT Agreement, and pursuant to CPC Policy sections 8.5(a) and 8.5(c), the company advanced the Loan to DBI on January 16, 2009. Bellair disclosed its intention to advance the Loan in a press release dated December 23, 2008 and in the filing statement submitted to the Exchange. Bellair made every effort to comply with the CPC Policy and ensured compliance with its own corporate policies, however, Bellair advanced the funds without receiving final Exchange approval. Bellair was informed by DBI that these funds were to be used for expenses including legal, accounting and audit fees that DBI was incurring in connection with the pursuit of the qualifying transaction.
The trading of Bellair's shares was halted upon its announcement of the potential qualifying transaction with DBI. Bellair announced the termination of this QT Agreement on April 23, 2009. Bellair has now received Exchange approval for its shares to resume trading. As a result, Bellair's shares are expected to resume trading on the Exchange at the open of trading on Monday, July 5, 2010.
Bellair continues to identify and evaluate businesses and assets with a view to completing a Qualifying Transaction (as defined in the CPC Policy).
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.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from results inferred or suggested in any forward-looking statements. Bellair assumes no obligation to update the forward-looking statements, or to update the reasons why actual results may differ from those reflected in forward-looking statements unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in Bellair's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE BELLAIR VENTURES INC.
For further information: For further information: Bellair Ventures Inc., Emlyn J. David, President and Chief Executive Officer, (416) 840 5002