SYMBOL: HIS (TSXV)
LAVAL, QC, Feb. 10, 2015 /CNW Telbec/ - Hart Stores Inc. (TSXV: HIS) is pleased to announce that it has completed the sale of the Company by amalgamating with 9102221 Canada Inc. (the "Purchaser"), a newly-incorporated corporation indirectly owned by Mr. Paul Nassar. In the amalgamation, which was effected on February 6, 2015 under the Canada Business Corporations Act, all of the 13,662,296 issued and outstanding common shares of Hart Stores were cancelled; shareholders will receive $0.20 in cash for each share held in consideration for the cancellation of the shares. The total purchase price is approximately $2.73 million. It is expected that the Purchaser will continue to carry on the operations of Hart Stores.
The amalgamation was approved by Hart Stores' shareholders at a special meeting held on February 6, 2015 with a positive vote of approximately 99.96% of the shares voted.
In connection with the sale, Hart Stores has applied for delisting from the TSX Venture Exchange and will apply to the provincial securities commissions for revocation of its status as a "reporting issuer".
Burkman Capital Corporation acted as financial advisor and Fasken Martineau DuMoulin LLP acted as legal counsel to Hart Stores in connection with the sale of the Company.
ABOUT HART STORES INC.:
Hart Stores Inc. operates a network of 61 mid-sized department stores located in secondary and tertiary markets in Eastern Canada, where the Company has established a dominant position in many of the communities that it serves. The stores offer an extensive and differentiated selection of national and exclusive fashion apparel brands as well as family footwear, home furnishings, electronics, appliances, giftware, toys and seasonal goods.
Certain statements included in this news release may constitute "forward-looking statements" within the meaning of the Canadian securities legislation and regulations. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors that may affect our ability to implement our strategies and plans, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. You should not place undue reliance on these forward-looking statements, which are made only as of the date of this press release. We refer you to the Company's filings with the Canadian securities regulatory authorities for a discussion of other factors and risks that may affect the Company's future results.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
SOURCE Hart Stores Inc.
For further information: Mr. Franco Messina, VP Finance and CFO, (450) 661-4155