MONTREAL, Dec. 6 /CNW Telbec/ - Loubac Top Environmental inc. (the
"Corporation") (TSX Venture Exchange: LTE) announces that it has proceeded
with the closing of the sale of all the shares the Corporation holds in the
share capital of Loubac Inc., its wholly owned operating subsidiary, in favor
of Kavitae Gestion Inc. ("Kavitae"), a holding company controlled by
Mr. Gilles Mousseau, of Gérard Roberge & Associés ("Roberge & Associés"), a
division of Société de Gestion Gerlou Inc., a holding company controlled by
Mr. Gérard Roberge and of Consultant International Hubler Inc. ("Consultant"),
a holding company controlled by Mr. Michel Hubler (Kavitae, Roberge & Associés
and Consultant hereinafter collectively referred to as the "Buyers"), subject
to receipt of the TSX Venture Exchange's ("TSX") final approval.
In consideration for the sale of said shares, the Buyers paid the
Corporation an amount of $48,000 at the closing date of said sale transaction.
The transaction was approved by the majority of disinterested
shareholders of the Corporation and by the majority of the minority
shareholders during the Annual General and Special Meeting of the shareholders
of the Corporation held last November 27.
Following this transaction, the Corporation shall not exploit a business
and its assets shall be mainly composed of a cash balance of $48,000.
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 will be transferred to the NEX Tier of the TSX.
About Loubac Top Environmental
Loubac's shares trade on the TSX Venture Exchange under the symbol LTE.
For further information, please consult the Internet site of the Corporation
The TSX Venture Exchange accepts no liability with regard to the
relevance or accuracy of this press release.
For further information:
For further information: Mr. Gilles Mousseau, President and Chief
Operating Officer, (450) 674-7737, firstname.lastname@example.org