(TSX - V: UZZ)
EDMONTON, June 3, 2013 /CNW/ - United Protection Security Group Inc.
(the "Company") has claimed protection under Canadian federal
legislation respecting insolvencies. Following the decision of the
Company's Board of Directors, a formal Notice of Intention was filed on
Friday, May 31, 2013.
The management and the board of directors announce that they remain
committed to implementing an effective reorganization of the Company
pursuant to applicable legislation.
An offer to acquire some or all of the Company's business has been made
by a national security services provider. There is no assurance that
this, or any similar, transaction will be successfully completed. If
such a transaction is completed it is contemplated that the Company
would discontinue its operations as they currently exist or, if not
completed, the Company would continue to pursue its reorganization.
The Company's shares remain subject to a cease trade order and a trading
suspension by the TSX Venture Exchange imposed due to the delay in
filing its financial statements for the year ended December 31, 2012.
Statements in this press release other than purely historical
information, including statements relating to the Company's future
plans and objectives or expected results, are forward-looking
statements. Forward-looking statements are based on numerous
assumptions and are subject to all of the risks and uncertainties
inherent in the Company's business, including risks related to business
development and retention, and risks related to the current economic
and credit conditions. As a result, actual results may vary materially
from those described in the forward-looking statements.
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: United Protection Security Group Inc.
For further information:
For additional investor and media relations inquiries contact:
Fredy Ramsoondar CEO and Director
United Protection Security Group Inc.