EDMONTON, Feb. 15, 2012 /CNW/ - Raydan Manufacturing Inc. ("Raydan") (TSXV: RDN) is pleased to announce that it has received final approval from the Court of Queen's Bench of Alberta and has satisfied all closing conditions of the previously announced plan of arrangement, resulting in Link Suspensions of Canada, Limited Partnership ("LSC") acquiring all of the Acquired Assets (as defined in the Arrangement Agreement entered into between, among others, Raydan and LSC dated November 29, 2011, as supplemented, corrected and amended.
With the completion of the Arrangement, Raydan's common shares will cease to be listed on the TSX Venture Exchange on or about the close of business on February 17, 2012. Raydan intends to apply to the relevant securities regulatory authorities to cease to be a reporting issuer in the applicable jurisdictions in Canada.
As part of the Arrangement, on February 13, 2012, Raydan changed its name to 523976 Alberta Ltd. and will continue doing business as 523976 Alberta Ltd. (formerly known as Raydan Manufacturing Inc.) for purposes of winding down the company.
Details of the Arrangement are contained in the Information Circular dated December 16, 2011 and the Supplement to the Information Circular dated January 23, 2012, both of which can be found at www.sedar.com.
About Raydan Manufacturing
Raydan Manufacturing Inc, based in Edmonton, Alberta, develops and produces specialized suspension and coupling systems for trucks, trailers and heavy equipment, as well as operates a chassis modification centre. Established in 1992, Raydan exports its innovative, high-quality products to end-users and original equipment manufacturers (OEMs) in the heavy-duty truck, crane, fire/rescue and other severe use sectors around the world.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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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