AADCO Automotive Inc. (AA: TSX - Venture Exchange)
BRAMPTON, ON, Nov. 30 /CNW/ - AADCO Automotive Inc. (the "Company")
announces that it will seek shareholder approval at its upcoming shareholder
meeting on December 28, 2007 for a share consolidation. There are currently a
large number of issued and outstanding common shares trading at a low price
per share, and the directors of the Company believe it would be advisable to
conduct a share consolidation in order to raise the per share trading price.
The Company currently has 118,405,987 issued and outstanding common
shares, and shareholders will be asked to consider and pass a resolution to
authorize the consolidation of the Corporation's common shares on a five (5)
pre-consolidation share for one (1) post-consolidation share basis. Upon
completion of the consolidation, the Company would have 23,681,197 common
shares outstanding. However, as previously announced, the Company is also
conducting a Shares for Debt transaction, which is also subject shareholder
approval and TSX Venture Exchange Acceptance. The Shares for Debt transaction
would result in the issuance of 53,973,870 post-consolidation common shares,
resulting in there being 77,665,067 common shares issued and outstanding after
both the share consolidation and the Shares for Debt Transaction.
In conjunction with the share consolidation, shareholders will also be
asked to consider and pass a resolution changing the Company's name to Royce
In addition to shareholder approval, the share consolidation and name
change is also subject to acceptance by the TSX Venture Exchange.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: AADCO Automotive Inc., (905) 789-9313 x 224,
www.aadco.ca, Charles Hodgkinson, CEO, firstname.lastname@example.org