NEX Symbol: COF.H
TORONTO, Jan. 14 /CNW/ - Coventree Inc. (NEX: COF.H) announced that, as a result of a pre-hearing conference held today at the Ontario Securities Commission, Coventree expects that the hearing into the matters set out in the notice of hearing and related statement of allegations issued by OSC staff dated December 7, 2009 will be held in May and June of this year, followed by closing arguments to be held on dates to be determined.
Coventree also announced that its board of directors has determined to hold an annual and special meeting of shareholders on June 30, 2010. At that meeting, shareholders will be asked to approve a special resolution authorizing the winding up of the Company and the distribution of its remaining assets to shareholders. The record date for the meeting has been set for May 17, 2010. Further details relating to the meeting will be set out in the information circular to be sent to shareholders prior to the meeting. Coventree currently does not intend to make any dividend or other distribution to its shareholders prior to the completion of the OSC hearing.
This press release includes certain forward-looking statements, including with respect to the Company's expectations to implement a winding up of the Company and distribution of its remaining assets to shareholders. These forward-looking statements are not historical facts but reflect Coventree's current expectations regarding future events based on information currently available to Coventree. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions which may be substantial. Many factors could cause actual results or events to differ materially from current expectations that may be expressed or implied by such forward-looking statements, including, without limitation, the various matters discussed under "Risks and Uncertainties" contained on pages 18 and 19 of the Company's Management Discussion and Analysis for the fiscal year ended September 30, 2009 which is available under the Company's profile on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, the Company may not be able to wind down its operations or implement a formal winding up of the Company in the near future or at all, and the amount of funds available to be distributed to shareholders pursuant to such a winding up could be significantly reduced and/or the timing of the distribution of such funds could be significantly delayed. In particular, the amount of any distribution to Coventree shareholders in connection with such a winding up will be affected by the legal and other costs incurred by the Company in connection with the OSC hearing and by the amount of any fines, monetaries penalties and/or costs that may be imposed against the Company and the current and former officers of the Company named in the OSC notice of hearing. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. These forward-looking statements are made as of the date of this press release and Coventree does not intend, and does not assume any obligation, to update or revise these forward-looking statements, except as required by law.
SOURCE Coventree Inc.
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