MONTREAL, Nov. 14, 2014 /CNW Telbec/ - GLV Inc. ("GLV" or the "Corporation") (TSX: GLV.A & GLV.B) announced that, following a Special Meeting of the shareholders of GLV held earlier today, a resolution approving the sale of GLV's Pulp & Paper Division (the "Division") to 9027173 Canada Inc., a corporation owned by Richard Verreault, the President and Chief Executive Officer of GLV and Laurent Verreault, the Executive Chairman of the Board of GLV, was adopted by GLV shareholders.
Furthermore, GLV announced that a resolution approving the name change from GLV Inc. to Ovivo Inc. was adopted by GLV shareholders.
"The Board of Directors of GLV is pleased that the shareholders have approved the sale of the Pulp & Paper Division and the change of name to Ovivo Inc." said GLV Executive Vice President and Ovivo President Marc Barbeau. "GLV will now be entirely focused on its core water treatment business, and will benefit from a strong financial position to capitalize on growth opportunities going forward."
Subject to all customary closing conditions for the sale of the Division being satisfied, it is expected that the Corporation will proceed to close the sale of the Division on or about November 28, 2014. A few weeks later, GLV will change its name to Ovivo Inc. to reflect the Corporation's focus on water treatment products and solutions. In addition, the Corporation will seek approval from the Toronto Stock Exchange for new ticker designations. Any changes in this regard will be communicated to shareholders and investors in due course.
About GLV Inc.
GLV is made up of international companies operating primarily in the water treatment (Ovivo) and pulp and paper (GL&V Pulp and Paper) industries that offer comprehensive technological solutions as well as services and equipment tailored to specific client needs. GLV Group's business units operate in more than 25 countries and have approximately 1,680 employees. GLV Inc. is a public company whose shares trade on the Toronto Stock Exchange under the ticker symbols GLV.A and GLV.B.
Notice regarding forward-looking statements
Certain statements in this press release and other public communications regarding management's objectives, projections, estimates, expectations or forecasts may constitute forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements are recognized by the use of terms such as "forecast," "project," "could," "plan," "aim," "estimate" and other similar terms, possibly used in the future or conditional, particularly with regard to certain assumptions. The management of GLV would like to point out that forward looking statements involve a number of uncertainties and known and unknown risks such that the actual and future results of GLV could differ considerably from those stated. There can be no assurance as to the materialization of the results, performance or achievements as expressed in or underlying the forward-looking statements. The forward-looking statements included in this press release were made as of the date hereof, and unless required to do so pursuant to applicable securities legislation, management of GLV assumes no obligation to update them.
Information about the risk factors to which GLV Inc. is exposed is provided under Section 11, "Risks and Uncertainties" in the management's discussion and analysis for the fiscal year ended March 31, 2014 available on SEDAR (www.sedar.com) and the Corporation's website (www.glv.com).
SOURCE: GLV Inc.
For further information: Marc Barbeau, President Ovivo, Executive Vice President, GLV Inc., Tel: + 1 514 284?4238; François Dufresne, Chief Financial Officer, Tel.: + 1 514 842?7236, [email protected]