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PHOENIX, April 25, 2016 /CNW/ - GWR Global Water Resources Corp. (TSX: GWR) (the "Company") announced today that its shareholders have approved the previously announced arrangement of the Company under the Business Corporations Act (British Columbia) (the "Arrangement"). At the effective time of the Arrangement, the Company will merge with and into Global Water Resources, Inc. ("GWRI") and, as a result, the Company will cease to exist as a British Columbia corporation and GWRI, governed under the laws of the State of Delaware, will be the surviving entity of the merger. On the effectiveness of the Arrangement, shareholders of the Company will receive one share of common stock of GWRI for each common share of the Company held.
Shareholders of the Company were supportive of the Arrangement with approximately 99.9% of the votes cast at an annual and special meeting of the shareholders of the Company held today being voted in favour (99.8% excluding the votes cast by certain directors and shareholders of the Company that are also shareholders of GWRI).
The Company is seeking a final order of the Supreme Court of British Columbia to approve the Arrangement which is expected to be granted on April 27, 2016. The Arrangement is also conditional on the concurrent completion of a proposed initial public offering of shares of common stock of GWRI in the United States (the "U.S. IPO"). Subject to receipt of the final order, the concurrent completion of the U.S. IPO and satisfaction of other customary conditions to the completion of the Arrangement, the Arrangement is expected to close in early May.
About GWR Global Water Resources Corp.
The Company was incorporated in British Columbia to acquire shares of U.S. based GWRI and to actively participate in the management, business and operations of GWRI through its representation on the board of directors of GWRI and its shared management of GWRI. GWRI is a water resources company located in Phoenix, Arizona, that owns and operates regulated water, wastewater and recycled water utilities in the metropolitan Phoenix area.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These forward-looking statements include, but are not limited to the expected timing and completion of the Arrangement and the U.S. IPO, that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or the negative of these terms, or other words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors and other factors discussed under the heading "Risk Factors" in the Company's most recent Annual Information Form. We undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
SOURCE GWR Global Water Resources Corp.
For further information: Laura Scutaru, Investor Relations, Tel: 416.586.1964, Email: firstname.lastname@example.org, www.gwresources.com