EDMONTON, Feb. 15, 2012 /CNW/ - Raydan Manufacturing Inc. ("Raydan") (TSXV: RDN) is pleased to announce that it has received final approval from the
Court of Queen's Bench of Alberta and has satisfied all closing
conditions of the previously announced plan of arrangement, resulting
in Link Suspensions of Canada, Limited Partnership ("LSC") acquiring all of the Acquired Assets (as defined in the Arrangement
Agreement entered into between, among others, Raydan and LSC dated
November 29, 2011, as supplemented, corrected and amended.
With the completion of the Arrangement, Raydan's common shares will
cease to be listed on the TSX Venture Exchange on or about the close of
business on February 17, 2012. Raydan intends to apply to the relevant
securities regulatory authorities to cease to be a reporting issuer in
the applicable jurisdictions in Canada.
As part of the Arrangement, on February 13, 2012, Raydan changed its
name to 523976 Alberta Ltd. and will continue doing business as 523976
Alberta Ltd. (formerly known as Raydan Manufacturing Inc.) for purposes
of winding down the company.
Details of the Arrangement are contained in the Information Circular
dated December 16, 2011 and the Supplement to the Information Circular
dated January 23, 2012, both of which can be found at www.sedar.com.
About Raydan Manufacturing
Raydan Manufacturing Inc, based in Edmonton, Alberta, develops and
produces specialized suspension and coupling systems for trucks,
trailers and heavy equipment, as well as operates a chassis
modification centre. Established in 1992, Raydan exports its
innovative, high-quality products to end-users and original equipment
manufacturers (OEMs) in the heavy-duty truck, crane, fire/rescue and
other severe use sectors around the world.
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.
This news release contains forward-looking statements that involve risks
and uncertainties, which may cause actual results to differ materially
from the statements made. Potentially, many factors could cause our
actual results to vary materially from those described herein as
intended, planned, anticipated or expected. Raydan Manufacturing Inc
does not intend and does not assume any obligation to update these
SOURCE Raydan Manufacturing Inc.
For further information:
Raydan Manufacturing Inc
Office Manager/Investor Relations
780 955 2859
888 472 9326