SYLVAN LAKE, AB, Dec. 9, 2014 /CNW/ - SSP Offshore Inc. (the "Corporation") today announced that it has applied to the TSXV for voluntary de-listing of the common shares of the Corporation on the TSXV at the close of business on December 12, 2014. After the shares of the Corporation have been de-listed, no further transfers of shares will be processed by the transfer agent of the Corporation.
The voluntary de-listing on the TSXV is being pursued as part of the Corporation's plan to be in a position to file final Articles of Dissolution during the month of December 2014. Subsequent to the filing of the Articles of Dissolution, the Corporation plans to forthwith prepare and file a terminal tax return with the Canada Revenue Agency for the stub-year up to the date of formal dissolution. The Corporation will also contemporaneously apply to the CRA for a Tax Clearance Certificate relating to the transaction which resulted in the sale of all of the Corporation's business assets effective September 10, 2014. The CRA has advised that they will not review for any application by the Corporation for a Tax Clearance Certificate until the Corporation has been formally dissolved and the terminal tax return has been filed.
Once the Corporation has received a Tax Clearance Certificate from the CRA and has collected the proceeds of the promissory note from the purchaser of its assets (which note is due on March 10, 2015), all remaining funds of the Corporation after payment of final expenses will be distributed to the shareholders of the Corporation on a pro rata basis by the Corporation's transfer agent. Timing of the final distribution is unknown given the uncertainty of the timing of receipt of the Tax Clearance Certificate, but the Corporation is currently anticipating the final distribution at the end of the first quarter of fiscal 2015 or early in the second quarter of fiscal 2015.
Also in furtherance of the winding up and dissolution process, the Corporation is applying to the Alberta Court of Queen's Bench on December 12, 2014 to have Hardie & Kelly LLP of Calgary, Alberta appointed as the legal representative of the Corporation post-dissolution to hold the remaining cash assets and make any final payments to validated creditors of the Corporation pending ultimate distribution to the shareholders. The quantum of the final distribution will be dependent on the actual costs of winding up and dissolution, but the Corporation has provided more guidance based on the most up to date information available in its Management's Discussion and Analysis recently filed on SEDAR for the quarter ended September 30, 2014.
A more detailed discussion of the winding up and dissolution process of the Corporation is contained in the Corporation's Information Circular dated August 12, 2014 (the "Information Circular").
ABOUT SSP OFFSHORE INC.
SSP Offshore is a public company listed under the symbol "SSZ" on the TSX Venture Exchange.
FORWARD-LOOKING STATEMENTS DISCLOSURE
Certain information provided in this press release constitutes forward-looking statements and information within the meaning of applicable securities laws.
In respect of the forward-looking statements and information set out in this press release, the Corporation has provided such in reliance on certain assumptions that they believe are reasonable at this time. The anticipated dates provided may change for a number of reasons. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
NEITHER THE 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.
SOURCE: SSP Offshore Inc.
For further information: L. Daniel Wilson, President, at (403) 358-1110 (phone); or via email at [email protected]