CALGARY, Feb. 13 /CNW/ - Roadking Travel Centres Inc. ("Roadking" or the
"Corporation") announced today that on December 18, 2007, the Corporation
received shareholder approval for the sale of its Calgary Roadking Travel
Center (land, together withal fixed improvements, fixtures, furniture,
equipment and related business concerns) for a purchase price of $9,900,000.00
(subject to normal adjustments). The purchaser is an arm's length group and
the transaction is anticipated to close on or about April 1, 2008.
Net proceeds from the transaction will be used to pay out the remaining
business obligations of the Corporation, inclusive of income tax, the
remaining financial debts ongoing business expenses outstanding as a result of
continuing operations until closing. Thereafter, it is the intention of the
Corporation, subject to compliance with all legal and regulatory requirements,
to make available a portion of the remaining cash position of the Corporation
to its shareholders and use the balance of the net proceeds to pursue and
invest in new strategic business opportunities that will enhance shareholder
value. After the sale of the Calgary Roadking Travel Center, the Corporation
will cease conducting business as an owner and operator of travel centers and
will engage in the pursuit of alternate business opportunities.
Upon completing the sale of the Calgary Roadking Travel Center, it is the
intension that Greg Spicer, the current CFO, will replace Glen Hommy as
President and Chief Executive Officer in order to reduce operating costs while
pursuing new strategic business opportunities. Further, the Board of Directors
has been reduced to three members. The Board now consists of Greg Spicer,
Glenn Hommy and Alan Tookey.
About Roadking Travel Centres Inc.
Roadking currently owns and operates an Alberta travel centre located in
the City of Calgary. Roadking's travel centre provide services and facilities,
including diesel fuel sales, retail gas sales, accommodation, restaurant and
other complementary services for traveling professionals and the general
"The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release."
For further information:
For further information: Greg Spicer, Chief Financial Officer, Roadking
Travel Centres Inc., Telephone: (780) 417-9405, Mobile: (780) 953-6742,
Facsimile: (780) 417-9449, e-mail: email@example.com, Website: