BRACEBRIDGE, ON, Feb. 14 /CNW/ - SVL Holdings Inc. ("SVL" or the "Company") announced today that the proposed amendment of the Company's articles to effect a consolidation of its common shares on a 2,000:1 basis was approved by a special resolution of the Company's shareholders at its special meeting held on February 12, 2011.  The Company will shortly file its articles of amendment to give effect to the consolidation.

Each shareholder of SVL is entitled to one "new" share of the Corporation for each 2,000 common shares held by the shareholder and payment of $11.00 in cash for each common share in excess of a 2,000 share increment held as at the effective date.  Shareholders of SVL holding fewer than 2,000 common shares are entitled to receive payment of $11.00 in cash for each common share held by such shareholder.  Shareholders should complete the letter of transmittal previously sent to them and return it together with the certificates representing their pre-consolidated shares to the Company in order to receive their "new" share certificate and/or consideration in accordance with the instructions set out in the letter of transmittal.

SVL will shortly file an application with the Ontario Securities Commission for an order deeming SVL to not be a reporting issuer.

About SVL Holdings Inc.

SVL Holdings Inc. and its subsidiaries are engaged in the business of operating an amusement park, Santa's Village, and campground, Whispering Pines, in Bracebridge, Ontario.

Forward Looking Statements

This release contains forward-looking information within the meaning of applicable securities laws ("forward-looking statements") that relate to the consolidation, the application to cease to be a reporting issuer and other matters.  All statements, other than statements of historical fact, are forward-looking statements.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors and assumptions that may cause the actual results, performance or achievements of SVL to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the consolidation, the application to cease to be a reporting issuer and other factors discussed in this news release.  Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made.  Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

SOURCE SVL Holdings Inc.

For further information:

can be obtained by contacting Jamie Hopkins, General Manager of SVL at (705) 645-2512.

Organization Profile

SVL Holdings Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890