MONTREAL, March 19, 2012 /CNW Telbec/ - Imaflex Inc. (TSXV: IFX.A) ("Imaflex" or the "Corporation") announces today that its board of directors (the "Board of Directors") has approved the following changes in the Corporation's management:
Mr. Tony Abbandonato has decided to step down as a director of the Corporation to devote his full-time efforts to managing production at the Corporation various plants. Mr. Tony Abbandonato remains corporate Secretary and Production Director of the Corporation. The Corporation wishes to thank Mr. Abbandonato for his almost 20 years service as a director.
Imaflex is pleased to announce that Mr. Consolato Gattuso has joined the Board of Directors and replaces Mr. Tony Abbandonato effective as of March 19, 2012. Mr. Gattuso is a founding partner of the Montreal boutique law firm Mitchell Gattuso. He is a corporate and commercial litigation lawyer with extensive experience in mergers and acquisitions. Mr. Gattuso also holds an accounting designation and is a member of the Québec Order of Chartered Accountants. Mr. Gattuso will be considered as an independent director.
Further to the Corporation's subsidiary, Imaflex USA, Inc., entering into an asset purchase agreement (the "Agreement"), as announced on March 2, 2012, the Corporation wishes to disclose that an aggregate consideration of $2 Million (the "Purchase Price") will be paid to the vendor in connection thereof. The Purchase Price is composed of a $1 Million cash payment which was paid at the signature of the Agreement and, at the vendor's option on the second anniversary of the Agreement, of either (i) a $1 Million cash payment; or, (ii) 1,000,000 Class A shares of the Corporation's capital (at a deemed subscription price of $1.00 per Class A share); or, (iii) a mixture of cash and Class A shares (at a deemed subscription price of $1.00 per Class A share) such that the total equals $1 Million.
Neither 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 this release.
Cautionary Statement on Forward Looking Information
Certain information included in this press release, including any information as to our future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking" statements within the meaning of Canadian securities laws. The words "expect", "believe", "will", "intend", "estimate" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies. The Corporation cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Imaflex to be materially different from the Corporation's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance. These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Corporation's most recent Management Discussion and Analysis filed on SEDAR. The Corporation disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
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