CALGARY, Dec. 4 /CNW/ - On August 23, 2007, CHEQ-IT Ltd. ("CHEQ-IT" or
the "Corporation") announced its intention to acquire all of the issued and
outstanding securities of Platform Centennial Building Inc. ("Platform") and
all of the issued and outstanding securities of Silver Lining Homes Ltd.
("Silver Lining"). The Platform and the Silver Lining transactions
(collectively, the "Transactions") would have constituted a change of business
in accordance with the policies of the TSX Venture Exchange (the "Exchange").
Management and the members of the Boards of Directors of Platform, Silver
Lining and CHEQ-IT have concluded not to proceed with the Transactions at this
time, given the recent instability and uncertainty of real estate and mortgage
In conjunction with the Transactions, CHEQ-IT had contemplated changes
to; the name of the Corporation, the Board of Directors, the Management of the
Corporation, and a consolidation of the issued and outstanding shares of the
Corporation on a 3 for 1 basis, all matters which were subject to Exchange and
shareholder approval. The Corporation will not proceed with these contemplated
As a result, only regular annual business will be considered for
shareholder approval at the upcoming CHEQ-IT Annual General Meeting, the date
for which has yet to be set.
CHEQ-IT will continue to focus on its current cheque writing business,
and the Management and Executive will investigate and pursue other business
The Exchange has in no way passed upon the merits of the Transactions and
has neither approved nor disapproved the contents of this press release.
The Exchange has not reviewed and does not accept responsibility for the
adequacy and accuracy of this information.
For further information:
For further information: Glenn Hamilton, CFO, (403) 241-2607