MONTREAL, Oct. 2 /CNW/ - TSX:WPO: In July 2009, World Point Terminals Inc. ("World Point" or the "Company") signed a stock purchase and sale agreement ("SPA") with StatoilHydro ASA ("StatoilHydro") for the sale of the Company's Bahamian operations. Those operations included the South Riding Point storage terminal and the fifty percent interest in the Freepoint tug boat business, both located on Grand Bahama Island. The completion of the transactions set forth in the SPA was conditioned upon, among other things, approval of various agencies within the Bahamian government. If all conditions were not satisfied and closing had not occurred by October 1, 2009, the SPA terminated by its terms unless such deadline was otherwise extended.
As of October 1, 2009, the Bahamian government has not granted the requested approvals and the closing did not occur by the deadline. The Company and StatoilHydro are in discussions regarding a potential extension of the closing date. There can be no assurance that World Point and StatoilHydro will reach an agreement with respect to such extension or that the Bahamian government will provide the necessary approvals.
President & CEO
October 2, 2009
Additional information relating to the Company, including a copy of the Company's Annual Information Form, is available on SEDAR at www.sedar.com. The company maintains an informational website at www.wpo.ca.
Cautionary Statement Regarding Forward-Looking Statements
Some of the statements contained in this release may be forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition to exist or occur. Since forward-looking statements, by their very nature, involve inherent risks and uncertainties, actual results in the future could differ materially from those currently anticipated in such statements by reason of factors including, but not limited to, changes in economic and market conditions and changes in world political stability. World Point Terminals Inc. will not update or revise forward-looking statements for new information, future events, or otherwise.
SOURCE WORLD POINT TERMINALS INC.
For further information: For further information: Bernard Roy, President & CEO, (514) 847-4519