PUDO Inc. (formerly Grandview Gold Inc.) Announces Completion of Share Consolidation, Name Change, Asset Sale and Share Exchange
Jul 27, 2015, 17:11 ET
TORONTO, July 27, 2015 /CNW/ - PUDO Inc. (formerly Grandview Gold Inc.) ("PUDO" or the "Company") is pleased to announce that, further to its press release of July 3, 2015, the Company has completed its previously announced Asset Sale, Consolidation, Name Change and Share Exchange (each as defined below).
The Asset Sale, Consolidation and Name Change were each conditions of the share exchange agreement (the "Share Exchange Agreement") entered into between the Company and My Courier Depot Inc., an Ontario-based courier services company ("MCD") effective March 18, 2015. The Company and MCD entered into the Share Exchange Agreement pursuant to which the Company has acquired all of the issued and outstanding securities of MCD (the "Share Exchange").
The Company has received conditional approval for the listing (the "Listing") of all of its issued and outstanding securities on the Canadian Securities Exchange (the "CSE"). The Listing remains subject to the completion of final filings with the CSE and final approval of the CSE.
Pursuant to the Share Exchange Agreement, the Company acquired all of the issued and outstanding shares of MCD ("MCD Shares") on the basis of 8,333.33 Post-Consolidation PUDO Shares (as defined below) of the Company for every one (1) MCD Share. Effective July 14, 2015, the Company issued an aggregate of 10,316,797 Post-Consolidation PUDO Shares to former shareholders of MCD. The Share Exchange resulted in the former shareholders of MCD owning approximately 71.18% of the issued and outstanding shares of PUDO.
As conditions precedent to the completion of the Share Exchange, effective July 13, 2015 the Company completed (i) the consolidation of the issued and outstanding common shares of the Company on the basis of one (1) post-consolidation common share ("Post-Consolidation PUDO Shares") for each twenty (20) pre-consolidation common shares (the "Consolidation") and (ii) the change of the Company's name to "PUDO Inc." (the "Name Change"). Effective July 14, 2015, the Company completed the sale of all of its remaining mining claims to an arm's length third party for aggregate gross proceeds of $110,000 (the "Asset Sale"). The proceeds of the Asset Sale were used by the Company to settle certain outstanding debts of the Company.
Also effective July 14, 2015, two of the Company's former directors, Paul Sarjeant and Peter Born, resigned from the board of directors (the "Board") of the Company. Effective July 14, 2015 the Board is comprised of Richard Cooper, Tom Bijou, Howard Westerman, Kurtis Arnold and Ian A. McDougall, each as elected by the shareholders of Grandview at the annual and special meeting of the Company held on April 14, 2015 (the "Meeting") and all as further disclosed in the Company's management information circular dated March 18, 2015 and filed under the Company's issuer profile on www.SEDAR.com.
Also effective upon completion of the Share Exchange, Paul Sarjeant resigned as President and Chief Executive Officer of the Company. Frank Coccia was appointed as the new Chief Executive Officer of the Company, and Jing Peng was appointed as the Company's Chief Financial Officer.
About Frank Coccia,
Mr. Coccia has over 30 years of entrepreneurial business and management experience in the transportation and logistics industry and has founded and developed national courier distribution systems for niche industries in Canada, the United Kingdom, and Ireland.
About Jing Peng
Mr. Peng holds a Master's degree in Management and Professional Accounting from the University of Toronto. As Chief Financial Officer of PUDO, Mr. Peng is responsible for budgeting, compiling financial records in accordance with GAAP and ensuring PUDO's internal control policies and procedures are met.
About PUDO Inc.
Headquartered in Canada, PUDO is North America's first customizable parcel pick-up and drop-off service, ensuring reliable and secure delivery where you want it, when you want it. Using easily-accessible community locations such as convenience stores, gas stations and grocery stores with extended hours, PUDO members, participating ecommerce retail customers and any business sector with a home-based workforce, can now pick-up their packages anytime, including evenings and weekends. PUDO eliminates the frustration of missed deliveries and gives control over parcel pick-up and delivery back to its members. With user-friendly technology, free membership and thousands of locations across Canada and the U.S., PUDO is changing the parcel delivery model in North America. For more information, please visit: www.pudoinc.com.
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the listing of the common shares of the resulting issuer on the CSE. In addition, the use of any of the words "anticipate", "believe", "expect", "plan", "intend", "can", "will", "should", and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including but not limited to expectations and assumptions concerning the receipt of required regulatory approval. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.
The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE PUDO Inc.
For further information:
Phone: 647-725-2520, Ext. 222
Email: [email protected]
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