TORONTO, March 5 /CNW/ - HydraLogic Systems Inc. ("HydraLogic" or the "Company") (TSX.V: HLS - OTC Pink Sheet: HYSYF) announced that at today's special shareholder meeting, shareholders approved the special resolution on the sale of all the issued and outstanding shares in the capital of the Company's HLS Ecolo Inc. and HydraLogic Systems Corp business operations (the "Subs"), to Samaritan Holdings Ltd (the "Transaction").
The company is moving forward to close the Transaction which is subject to the completion and execution of closing documents and final approval by the TSX Venture Exchange ("TSX-V"). The price for the Subs is CDN$3,127,000, less any adjustments, as described in the Share Purchase Agreement dated January 11th, 2010.
Upon completion of the Transaction, the Company shell will remain with the shareholders and be transferred to the NEX Board of the TSX-V. The Company is currently formulating a business plan to recapitalize and will continue to actively pursue other opportunities to maximize shareholder value.
The Company would also like to announce that, on this day, Doug Smith and Calvin Sager have resigned from the board of directors. The board and management of the Company would like express their sincere appreciation to Doug and Cal for their dedication and hard work over the past five years. David Jones was appointed to the board of directors and will be replacing Mr. Smith as chair of the audit committee.
The current directors of the Corporation are Richard MacDonald, Michael Beckley and David Jones.
About HydraLogic Systems:
HydraLogic is an innovator of engineered misting systems and proprietary environmental chemistries with reoccurring revenue distribution platforms. The company strives to be market leaders in providing technologies, through turnkey distribution and service models into the multi-billion dollar mosquito and odour control industries as Bug Defence and HLS Ecolo respectively.
HydraLogic Systems is traded on the TSX Venture exchange - symbol: HLS.
Forward Looking Statements
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and HydraLogic Systems Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE HydraLogic Systems Inc.
For further information: For further information: Michael Beckley, President & CEO, (416) 740-3900 ext 400, email@example.com