EDMONTON, Jan. 6, 2016 /CNW/ - Imperial Equities Inc. ("Imperial") today has announced it has completed a purchase and sale agreement (the "Transaction") for the sale of its interests in Imperial Distributors Canada Inc. ("IDCI"), a wholly owned subsidiary of Imperial.
The purchaser, 1940972 Alberta Ltd. (the "Purchaser") and Imperial have closed the Transaction for a transaction value of approximately $10,000,000.00 which includes $1,500,000.00 for all of the issued and outstanding shares of IDCI and the assumption of all of IDCI's liabilities which shall be paid out within 90 days of the closing date. The Transaction which closed on December 31, 2015, subject to certain escrow conditions, contemplates all aspects of the operations of IDCI to remain as a going concern.
"Over the past several years, competition for market share within the pharmaceutical distribution industry has been fierce which has created a downward effect on profit margins. There has been a serious effort toward consolidation within the industry in order to counter the effects of lower margins and to remain competitive. The Purchaser is affiliated with a Vancouver based pharmaceutical distribution company servicing the British Columbia market and the acquisition of IDCI will greatly enhance their ability to service an expanded customer base throughout western Canada" said Sine Chadi, President and CEO of Imperial.
About Imperial Equities Inc.:
Imperial Equities Inc. Is based in Edmonton, Alberta. A publically traded company anchored by commercial and industrial real estate properties in its targeted Edmonton and Alberta markets. Additional information is available at: www.imperialequities.com
Imperial's common shares are listed on the TSX Venture Exchange under symbol IEI.
Neither TSX Venture nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Imperial Equities Inc.
For further information: Editorial Contact: Sine Chadi, CEO, Imperial Equities Inc., Phone: 780 424-7227, Email: [email protected]