Winalta Inc. Announces Regulatory Approval for Shares for Debt Arrangements, Kos Corp Investments Ltd. Acquires Additional Shares

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.

Winalta Inc.
#4 26302 Twp. Rd. 531A
Acheson, Alberta
T7X 5A3

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

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Winalta Inc.

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