MONTREAL, Sept. 2 /CNW Telbec/ - BUS Systems Inc. ("BUS" or the
"Corporation") (TSX-V: BUS), announces that it has closed the sale of all its
assets held or used in the conduct of its business in favour of Carrus
Technologies Inc. (the "Buyer"), a wholly-owned subsidiary of Mediagrif
Interactive Technologies Inc., subject to receipt of the TSX Venture
Exchange's ("TSX") final approval, as announced in its press release of August
In consideration of the sale of said assets, the Buyer paid the
Corporation an amount of $520,000 at the closing date of the sale. This amount
will be used to reimburse the Corporation's creditors, following which the
Corporation expects to have sufficient working capital to allow it to cover
its ongoing expenses.
The transaction was approved by the majority of shareholders of the
Corporation during the Special Meeting of the shareholders of the Corporation
Following this transaction, the Corporation will not be operating a
business. Consequently, it is expected that the Corporation will no longer
meet the minimum listing requirements of the TSX; therefore, the listing of
the Corporation's shares could be transferred to the NEX Tier of the TSX.
However, the Corporation intends to proceed with a transaction that will
allow it to re-list its shares on the TSX Venture Exchange.
The Corporation's shares trade on the TSX Venture Exchange under the
symbol "BUS". For additional information on BUS, please consult the Company's
website at www.busconnect.com.
This press release contains "Forward-Looking Statements" pursuant to the
securities legislation which are based on certain estimates and expectations.
Statements which are not based on historical fact, in particular statements on
management's views and expectations, are Forward-Looking Statements. These
statements are subject to certain risks and uncertainties and the actual
results could differ materially from those presented. The Company is under no
obligation to update any Forward-Looking Statement to take into account any
new information, future event or any other factor.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: BUS Systems Inc.: Michel Maheux, President and
Chief Executive Officer, (514) 386-3018, firstname.lastname@example.org; SOLAK
Communications: François Kalos, (450) 993-0828, email@example.com