EDMONTON, Jan. 26, 2012 /CNW/ - Raydan Manufacturing Inc ("Raydan") (TSXV: RDN) is pleased to announce that at the special meeting of its shareholders held January 26, 2012, the previously announced plan of arrangement was approved in accordance with the terms of the Arrangement Agreement entered into between Raydan and Link Suspensions of Canada, Limited Partnership ("LSC") and Link Manufacturing Ltd dated November 29, 2011, as amended by the amendments to arrangement agreement and related documents dated January 17, 2012 (the "Arrangement Agreement").
Pending the satisfaction of certain closing conditions, the arrangement will result in LSC acquiring all of the Acquired Assets (as defined in the Arrangement Agreement).
The completion of the sale of the Acquired Assets from Raydan to LSC is expected to be completed by February 10, 2012, pending satisfaction of certain closing conditions, including approval of the Alberta Court of Queen's Bench, scheduled to be heard on February 6, 2012.
About Raydan Manufacturing Inc
Raydan Manufacturing Inc, based in Edmonton, Alberta, develops and produces specialized suspension and coupling systems for trucks, trailers and heavy equipment. Installations are completed at the Company's chassis modification centre in Alberta. Established in 1992, Raydan exports its innovative, high-quality products to end-users and original equipment manufacturers (OEMs) in the heavy-duty truck, truck crane, fire/rescue and other severe use sectors around the world.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. Potentially, many factors could cause our actual results to vary materially from those described herein as intended, planned, anticipated or expected. Raydan Manufacturing Inc. does not intend and does not assume any obligation to update these forward-looking statements.
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