SYLVAN LAKE, AB, Sept. 10, 2014 /CNW/ - SSP Offshore Inc. (the "Corporation") today announced that it has secured definitive shareholder and TSXV approval for the previously-announced material transaction providing for the sale of substantially all of the assets of the Corporation and each of the Corporation's three operating subsidiaries (the "Asset Sale Transaction"). Shareholder approval of the Asset Sale Transaction was secured at the Corporation's Annual & Special General Meeting held on September 9, 2014. The Asset Sale Transaction was approved by 100% of the common shares that were voted with respect to the relevant resolution at the Corporation's meeting. The Asset Sale Transaction was subsequently closed early in the morning on September 10, 2014.
The terms of the Asset Sale Transaction were previously announced by the Corporation via press release on August 8, 2014 and described in greater detail in the Corporation's Information Circular dated August 12, 2014 (the "Information Circular").
Subsequent to the closing of the Asset Sale Transaction, the Corporation no longer has any active business operation and plans to focus exclusively on efficiently winding up the affairs of the Corporation and distributing the net proceeds of the Asset Sale Transaction to the shareholders in two distributions as described in the Information Circular. The Board of Directors will determine the definitive amount and timing of the initial distribution (which is expected to occur in the next few weeks) and the terminal distribution (which is currently expected to occur in mid-2015 at the time the Corporation is formally dissolved), which details will be announced by the Corporation in subsequent press releases.
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 (USA) Inc.
For further information: L. Daniel Wilson, President, at (403) 358-1110 (phone); or via email at [email protected]