Company: Global Railway Industries Ltd.
Stock Symbol: GBI
Listing: Toronto Stock Exchange
Outstanding Shares: 15.2 Million
Web Site: www.globalrailway.com
LACHINE, QC, Sept. 23, 2011 /CNW/ - Global Railway Industries Ltd. (GBI:TSX): Global Railway Industries Ltd., www.globalrailway.com, announced today that it has completed its previously announced sale of
its operating subsidiary, CAD Railway Industries Ltd. (CADRI), for a
cash purchase price of $12.4 million (before transaction costs), plus
the assumption of debt. $1 million of the purchase price has been
deposited into escrow for one year for potential indemnification
claims. The purchase price is subject to a post-closing net working
capital adjustment and an upward adjustment to reflect costs related to
CADRI's refurbishment contract with Metrolinx incurred prior to
The implementation of the winding-up of Global approved at the special
meeting of shareholders held on August 30, 2011 remains subject to the
conditions and risk factors described in Global's management
information circular dated July 25, 2011.
About Global Railway Industries: Global Railway Industries Ltd. is a public company whose shares are
listed for trading on the Toronto Stock Exchange (TSX) under the symbol
SOURCE Global Railway Industries Ltd.
For further information:
Vice President & CFO
Tel: 514-634-6224 ext. 136