TORONTO, May 27, 2015 /CNW/ - Friday Capital Inc. ("Friday Capital" or the "Company") (TSXV: FYC.P) is pleased to announce that it has filed a filing statement regarding its proposed qualifying transaction (the "Qualifying Transaction") with Hit Technologies Inc. ("Hit Tech") and received conditional approval from the TSX Venture Exchange ("TSXV") for the Qualifying Transaction.
In connection with the Qualifying Transaction, Friday Capital will acquire all of the issued and outstanding securities of Hit Tech by way of a three-cornered amalgamation whereby Hit Tech will amalgamate with a wholly-owned subsidiary of the Company. For further information, please see the Friday Capital filing statement (the "Filing Statement"), which is available on SEDAR at www.sedar.com. Closing of the Qualifying Transaction is expected to occur on or about June 5, 2015, or such other date as Friday and Hit may determine.
The completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to receipt of all required regulatory consents, including final TSXV acceptance, and satisfaction of other customary closing conditions. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.
Trading in the common shares of Friday Capital are currently halted and will resume trading under the symbol "HIT" following publication of the Final Exchange Bulletin by the TSXV in respect of the closing of the Qualifying Transaction.
Investors are cautioned that, except as disclosed in the Filing Statement, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this press release.
This press release contains forward-looking information based on current expectations. Statements about the closing of the Qualifying Transaction, the number of securities of Friday Capital that may be issued in connection with the Qualifying Transaction, the parties' ability to satisfy closing conditions and receive necessary approvals, including TSXV approval, among others, are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Qualifying Transaction will occur or that, if the Qualifying Transaction does occur, it will be completed on the terms described above. Friday Capital assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Friday Capital Inc.
For further information: Friday Capital Inc.: Michael Robert Davidson, Chief Executive Officer and Chief Financial Officer, (647) 970-2829; Hit Technologies Inc.: Brooks Bergreen, President and Chief Executive Officer, (888) 423-4124 Ext. 520