MELFORT, SK, Sept. 12, 2012 /CNW/ - Hodgins Auctioneers Inc. (TSX.V: HA)
("Hodgins") is pleased to announce that it has signed a Letter of
Intent with Pinto Ventures Ltd. ("Pinto"), a related party to Hodgins,
to acquire www.taxlossauction.com and associated intellectual property rights and product marketing
program. www.taxlossauction.com is an internet based digital auction business model designed for the
world wide consignment and sale of tax losses.
The non-binding Letter of Intent is subject to several conditions
including applicable regulatory approval, due diligence, and board of
director's approval of the definitive purchase agreement. The purchase
price of $500,000 is payable by the issuance of 2,500,000 shares at a
deemed value of $0.20 per share. Hodgins will be obligated to pay 10%
of net profits to Pinto, on a monthly basis.
The transaction is scheduled to close no later than October 1, 2012 or
such other date as determined by Hodgins and Pinto.
The board of directors is pleased to announce that Grant Hodgins was
elected a director at the recent annual shareholder meeting. The
current directors are Gordon Anderson, Clive Llewellyn, Barrie Jung,
Brian Lovig and Grant Hodgins. Mr. Jung was re-appointed as President
and Mr. Hodgins was re-appointed as Chief Executive Officer.
About Hodgins Auctioneers Inc. Headquartered in Melfort, SK for more
than 50 years, Hodgins Auctioneers is a provider of professional
auction services. Hodgins is renowned for its experienced Auctioneers,
award-winning promotions, dependable results and commitment to
providing the ultimate marketplace for the sale of assets by auction.
Neither the 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: Hodgins Auctioneers Inc.
For further information:
Grant Hodgins, CEO
Hodgins Auctioneers Inc.
Fax: (306) 752-5702