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TSX: SDC and CUQ
RICHMOND, BC and CALGARY, July 9 /CNW/ - Seacliff Construction Corp. ("Seacliff") and The Churchill Corporation ("Churchill") are pleased to announce that the shareholders of Seacliff have overwhelmingly approved the arrangement under the Business Corporations Act (British Columbia) under which Churchill will acquire Seacliff. Approximately 85% of the total Seacliff shares outstanding were represented at the meeting held today to consider the arrangement, and approximately 99.9% of those shares were voted in favour of the arrangement.
With the Seacliff shareholders' approval, the remaining condition to complete the acquisition is the approval of the Supreme Court of British Columbia, which will be sought on the morning of July 13, 2010. The acquisition closing is scheduled for the afternoon of July 13, 2010.
About Seacliff Construction Corp.
Seacliff provides general contracting services, electrical contracting and earthmoving services to a wide array of clients in both the public and private sectors, with a majority of its business derived from institutional, commercial, civil and light industrial construction projects. Seacliff is headquartered in Vancouver, BC and operates 22 locations in British Columbia, Alberta, Saskatchewan and Manitoba, as well as two locations in Northwestern Ontario. Seacliff's business is conducted through three business units: Dominion Construction, a general contractor; Canem Systems, an electrical contractor and Broda Construction Group, a Saskatchewan-based earthmoving and heavy civil construction contractor.
About The Churchill Corporation
The Churchill Corporation provides building construction, industrial insulation and electrical contracting services throughout Western Canada. Churchill common shares are listed on the Toronto Stock Exchange under the symbol "CUQ".
FORWARD LOOKING STATEMENTS
Certain statements in this Press Release may constitute "forward-looking statements". Forward-looking statements include, without limitation, statements regarding the timing of the closing of the acquisition. Many of these statements can be identified by looking for words such as "believes," "expects," "may," "will," "intends," "anticipates," "estimates," "continues," or the negative thereof, or other variations thereon. Although management of Seacliff believes its expectations regarding these statements are based on reasonable assumptions and currently available information, it can give no assurance its expectations will be achieved. Seacliff cautions that, by their nature, forward-looking statements, involve risks, and uncertainties and that its actual actions, and/or results could differ materially from those expressed or implied in such forward-looking statements, and that the aforementioned risks, uncertainties and actions could affect the extent to which a particular projection materializes. Seacliff assumes no obligation to update the forward-looking statements should circumstances or Seacliff management's estimates or opinions change, except as may be required by law.
SOURCE Stuart Olson Inc.
For further information: For further information: Seacliff inquiries: Bill Crarer, Chief Executive Officer or Vance Hackett, Chief Financial Officer, (604) 242-2000, Email: firstname.lastname@example.org, Website: www.seacliffconstruction.ca; Churchill inquiries: Andrew Apedoe, Vice President Investor Relations & Secretary, The Churchill Corporation, (403) 685-7775, Email: Andrew.email@example.com, Website: www.churchillcorporation.com