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
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