KIRKLAND, QC, Dec. 11, 2014 /CNW Telbec/ - This news release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report ("Early Warning Report") regarding the acquisition by Simcor Canada Holdings Inc. ("Simcor"), a holding company controlled by Mr. Steven Saviuk, Chairman and CEO of Manitex Capital Inc. ("Manitex" or the "Corporation"), of 1,000,000 common shares of Manitex (the "Acquired Shares") at a price of $0.45 per Acquired Share from Pinetree Capital Inc. on December 11, 2014 (the "Acquisition").
Simcor purchased the Acquired Shares for investment purposes and it is not acting jointly or in concert with any other persons or companies in connection with the Acquisition. The Acquisition was made in reliance upon the "Private Agreement Exemption" from the take-over bid requirements pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids. Accordingly, the Acquisition was made from not more than 5 persons and at a purchase price not greater than 115% of the market price at the date hereof.
Following the Acquisition, Simcor owns a total of 4,259,636 common shares of Manitex, representing approximately 34.2% of the currently issued and outstanding common shares of Manitex. As a result of his controlling interest in Simcor, in addition to his own personal holdings, Mr. Saviuk now owns, directly or indirectly, approximately 39.2% of the Corporation's common shares.
An Early Warning Report respecting the Acquisition will be filed electronically on the Corporation's SEDAR profile, available at www.sedar.com.
Simcor will also file, within the prescribed period, an insider report via the System for Electronic Disclosure by Insiders ("SEDI") for the Acquisition.
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements regarding the Corporation's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
About Manitex Capital Inc.
Manitex Capital Inc. specializes in the acquisition of equity interests in emerging or established companies and actively participates in increasing shareholder value in these businesses. Manitex currently has 12,461,276 common shares outstanding which are quoted for trading on the TSX Venture Exchange.
TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE: Manitex Capital Inc.
For further information: Manitex Capital Inc., Steve Saviuk, Chairman and CEO, Tel.: 514-694-0150, email@example.com