CALGARY, Feb. 3 /CNW/ - Winalta Inc. ("Winalta" or the "Corporation")
(TSXV - WTA) wishes to announce that it has received final regulatory
approval for the shares for debt arrangements with four of the
Corporation's unsecured creditors previously announced in a press
release issued December 22, 2010. The escrow conditions imposed by the
TSX Venture Exchange have now been lifted with respect to the shares
issued to a company controlled by Mr. Artie Kos, President and Chief
Executive Officer of the Corporation.
Kos Corp Investments Ltd. through its subsidiary, Kos Win Inc., has
received an aggregate of 3,814,762 shares of Winalta at a deemed value
of $0.50 per share in exchange for the settlement of debt in the
aggregate amount of $1,907,382. Following completion of this
transaction, Kos Corp Investments Ltd. indirectly owns an aggregate of
20,885,575 common shares of Winalta representing 52% of the issued and
outstanding shares of the Corporation.
The securities of Winalta were acquired in settlement of debt owning to
companies controlled by Mr. Kos and Mr. Kos has no current plans to
acquire additional securities, or control over additional securities,
of Winalta, although Kos may acquire or dispose of securities of
Winalta from time to time in the future.
Kos Corp Investments Ltd. has filed a report (as contemplated by
National Instrument 62 103 The Early Warning System) in connection with the acquisition of the shares. For further
information, or to obtain a copy of such report, please contact Austin
Fraser, Senior Vice President of Winalta Inc at (780) 960-6900.
#4 26302 Twp. Rd. 531A
Winalta Inc., operating under the trade name, Winalta Oilfield Rentals,
is an oilfield service provider that specializes in portable industrial
rental accommodations, remote offices and Dedicated Geo Labs; servicing
the Western Canadian Oil and Gas Industry.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Winalta Inc.
For further information:
Austin Fraser, Senior Vice President of Winalta Inc at (780) 960-6900