TORONTO, May 13, 2015 /CNW/ - K. Barry Sparks, CEO of Cencotech Inc. (the "Company"), announced that he has acquired ownership of 425,806 common shares of the Company representing approximately 1.6% of the issued and outstanding common shares of the Company and now has ownership or control of 9,690,280 common shares, representing approximately 35.5% of the issued and outstanding common shares.
Mr. Sparks acquired the common shares of the Company as a result of realizing on security for a long-standing debt owing to Mr. Sparks at a price of $0.175 per share.
Mr. Sparks intends to acquire additional common shares of the Company for investment purposes in accordance with applicable securities legislation. Mr. Sparks' position in the Company may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with applicable securities legislation.
Ashley Park Enterprises Inc. is controlled by Mr. Sparks and may be considered to be acting jointly or in concert with Mr. Sparks.
The common shares were acquired in reliance on the private agreement exemption from the formal bid requirements. The acquisition of common shares was made from one person, no bid was made generally to holders of common shares of the Company and the value of consideration effectively paid for the common shares was the market price of the common shares on the day prior to the date of acquisition and was not greater than 115% of the market price of the common shares on the date of the acquisition.
SOURCE CencoTech Inc.
For further information: K. Barry Sparks, Telephone: 416-369-6081, Facsimile: 416-861-1478