BRACEBRIDGE, ON, Feb. 14 /CNW/ - SVL Holdings Inc. ("SVL" or the
"Company") announced today that the proposed amendment of the Company's
articles to effect a consolidation of its common shares on a 2,000:1
basis was approved by a special resolution of the Company's
shareholders at its special meeting held on February 12, 2011. The
Company will shortly file its articles of amendment to give effect to
Each shareholder of SVL is entitled to one "new" share of the
Corporation for each 2,000 common shares held by the shareholder and
payment of $11.00 in cash for each common share in excess of a 2,000
share increment held as at the effective date. Shareholders of SVL
holding fewer than 2,000 common shares are entitled to receive payment of $11.00 in cash for each common share held by such shareholder. Shareholders
should complete the letter of transmittal previously sent to them and
return it together with the certificates representing their
pre-consolidated shares to the Company in order to receive their "new"
share certificate and/or consideration in accordance with the
instructions set out in the letter of transmittal.
SVL will shortly file an application with the Ontario Securities
Commission for an order deeming SVL to not be a reporting issuer.
About SVL Holdings Inc.
SVL Holdings Inc. and its subsidiaries are engaged in the business of
operating an amusement park, Santa's Village, and campground,
Whispering Pines, in Bracebridge, Ontario.
Forward Looking Statements
This release contains forward-looking information within the meaning of
applicable securities laws ("forward-looking statements") that relate
to the consolidation, the application to cease to be a reporting issuer
and other matters. All statements, other than statements of historical
fact, are forward-looking statements.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors and assumptions that may cause the
actual results, performance or achievements of SVL to differ materially
from the anticipated results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, but
are not limited to, the consolidation, the application to cease to be a
reporting issuer and other factors discussed in this news release.
Readers are cautioned not to place undue reliance upon any such
forward-looking statements, which speak only as of the date made.
Forward-looking statements are provided for the purpose of providing
information about management's current expectations and plans relating
to the future. Readers are cautioned that such information may not be
appropriate for other purposes. We do not undertake or accept any
obligation or undertaking to release publicly any updates or revisions
to any forward-looking statements to reflect any change in our
expectations or any change in events, conditions or circumstances on
which any such statement is based, except as required by law.
SOURCE SVL Holdings Inc.
For further information:
can be obtained by contacting Jamie Hopkins, General Manager of SVL at (705) 645-2512.