Garneau Inc. Announces Dissolution

NISKU, AB, Nov. 30, 2011 /CNW/ - Garneau Inc. ("Garneau" or the "Corporation") announces that further to its press release of November 7, 2011 announcing the approval of holders ("Shareholders") of common shares of Garneau ("Common Shares") of: (i) the liquidation of the Corporation; (ii) the distribution of the remaining assets of the Corporation; and (iii) the dissolution of the Corporation, all pursuant to a plan of liquidation and dissolution, the Corporation has received a certificate of dissolution and is now formally dissolved.

All of the remaining assets of the Corporation, being an amount of cash that is expected to be approximately $370,000 or approximately $0.03 per Common Share, will be transferred to Olympia Trust Company ("Olympia") to be distributed to Shareholders on a pro rata basis (the "Distribution").  Prior to effecting the Distribution, Olympia must receive a clearance certificate from Canadian tax authorities. Garneau has engaged a third party to obtain the clearance certificate and such certificate is expected to be obtained in the first quarter of 2012.  In order to obtain their pro rata of the Distribution, each Shareholder must also provide Olympia with a duly completed letter of transmittal, the form of which has been mailed to registered Shareholders. For further information on the process required for a Shareholder to claim his or her pro rata share of the Distribution, please contact Olympia at: (by mail or courier) Calgary - Suite 2300, 125 - 9th Avenue SE, Calgary Alberta T2G 0P6 or Toronto - 920 - 120 Adelaide Street W, Toronto, Ontario  M5H 1T1; (by phone) toll free: 1-888-353-3138; or (by email)

Forward-Looking Information

Certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "may", "plan", "expect", "project", "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

In particular, this document contains forward-looking statements pertaining to the timing of the receipt of the clearance certificate from Canadian tax authorities.

Actual events could differ materially from those anticipated in these forward-looking statements as a result of certain risk factors, including unexpected delays in receiving the clearance certificate. 

The forward-looking statements contained herein are based on certain key expectations and assumptions of the Corporation which are subject to change. Although the Corporation considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Corporation does not undertake to release publicly any revisions to these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

SOURCE Garneau Inc.

For further information:

Darlene Kirkpatrick
Phone: (780) 974-8286
Fax: (780) 955-7715

Olympia Trust Company  
Suite 2300, 125 - 9th Avenue SE    920 - 120 Adelaide Street W
Calgary Alberta T2G 0P6      Toronto, Ontario  M5H 1T1

Toll free: 1-888-353-3138


Profil de l'entreprise

Garneau Inc.

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