TORONTO, April 26 /CNW/ - HydraLogic Systems Inc. ("HydraLogic" or the "Company") (TSX.V: HLS - OTC Pink Sheet: HYSYF) announced today that the pending sale of all the issued and outstanding shares in the capital of the Company's HLS Ecolo Inc. and HydraLogic Systems Corp business operations (the "Subs"), to Samaritan Holdings Limited (Samaritan) has been terminated by mutual agreement and replaced with an asset purchase being led by REJ Corporation (REJ) of Toronto, Ontario.
The Company is working with REJ to expedite the due diligence process and preparation of an agreement for the purchase of the same assets, under essentially the same price, terms and conditions as the Samaritan transaction. Due to the similarities of the REJ transaction being prepared, to the Samaritan transaction approved by the shareholders at the special meeting held on March 5th, the Company and REJ are requesting the TSX Venture Exchange waive any shareholder approval filing requirement. The REJ transaction is subject to the completion of due diligence, execution of closing documents and final approval by the TSX Venture Exchange.
"My sincere appreciation goes out to our employees for their hard work and dedication over the winter," stated Michael Beckley, President & CEO of HydraLogic Systems Inc. "It is thanks to them, and the support of our suppliers, that the company continues to thrive and have the opportunity to fulfill a transaction."
About HydraLogic Systems:
HydraLogic is an innovator of engineered misting systems and proprietary environmental chemistries with reoccurring revenue distribution platforms. The company strives to be market leaders in providing technologies, through turnkey distribution and service models into the multi-billion dollar mosquito and odour control industries as Bug Defence and HLS Ecolo respectively.
HydraLogic Systems is traded on the TSX Venture exchange - symbol: HLS.
Forward Looking Statements
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and HydraLogic Systems Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE HydraLogic Systems Inc.
For further information: For further information: Michael Beckley, President & CEO, (416) 740-3900 ext 400, email@example.com