VANCOUVER, April 9, 2019 /CNW/ - WEQ Holdings Inc. (formerly
WesternOne Inc.) ("WEQ" or the "Corporation")
announced today that it has ceased to be a reporting issuer in
each of the provinces of Canada
and is no longer a reporting issuer in any jurisdiction, as a
result of decision of the securities regulatory authorities of each
of the Provinces of Canada granted
in response to an application made by WEQ. Accordingly, WEQ will no
longer be required to file financial statements or other continuous
disclosure documents with Canadian securities regulatory
authorities.
WEQ confirms that the claims bar date for any potential
claimant, other than United Rentals of Canada, Inc. ("URI"), to make a claim
in the liquidation has passed and no unexpected claims were filed.
As previously announced, URI has until the end of the post-closing
adjustment period in May 2019 to make
any claims in accordance with the definitive asset purchase
agreement (the "Agreement") pursuant to which WEQ sold
substantially all of its assets to URI at the end of November 2018. WEQ is continuing efforts to
address outstanding matters relating to its liquidation, including
ongoing discussions with URI relating to post-closing
adjustments.
WEQ also confirms its previously announced intention to make an
interim distribution to shareholders in Q2 2019, provided that
sufficient progress is made in the windup of the Corporation's
affairs. At this time, WEQ is not aware of the anticipated date of
any additional distribution, if any, or the date of its
dissolution.
Forward-Looking Information
Certain statements in this news release may constitute
"forward-looking information" within the meaning of applicable
Canadian securities laws, which information involves known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements or industry results, to
be materially different from any future results, performance or
achievements or industry results expressed or implied by such
forward-looking information. Forward-looking information is
identified by the use of terms and phrases such as "anticipate",
"believe", "could", "estimate", "expect", "intend", "may", "plan",
"predict", "project", "will", "would", and similar terms and
phrases, including references to assumptions. Such information
includes, without limitation, statements with respect to: the
intention of WEQ to make an interim distribution to shareholders in
Q2 2019. Actual events or results may differ materially.
Although the forward-looking information contained in this news
release is based upon what WEQ believes to be reasonable
assumptions, it cannot assure investors that actual results will be
consistent with such information. Certain key expectations and
assumptions made by the Corporation and reflected in the
forward-looking information in this news release include without
limitation: there will be no material negative purchase price
adjustments under the Agreement; and there will be no intervening
events that will materially reduce the amount funds available for
distribution to shareholders or that delay the distribution of such
funds.
Forward-looking information reflects current expectations of WEQ
regarding future events and operating performance as of the date of
this news release. Such information involves significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking information,
including, without limitation: the risk that there are material
negative purchase price adjustments under the terms of the
Agreement; the risk that distributions to shareholders will be
delayed; and the risk that distributions to shareholders will be
less than anticipated. Should any of the foregoing risks
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results, performance,
activities or achievements could vary materially from those
expressed or implied by any forward-looking information contained
in this news release. Readers are cautioned that the foregoing list
of risks is not exhaustive. Additional information on these and
other risk factors that could affect WEQ can be found under "Risk
Factors" in its Annual Information Form dated March 27, 2018, its Information Circular
dated October 26, 2018 and its
Management's Discussion & Analysis dated November 6, 2018, all of which are available on
SEDAR at www.sedar.com.
The forward-looking information contained herein is expressly
qualified in its entirety by this cautionary statement.
Forward-looking information reflects WEQ's current beliefs and is
based on information currently available to it. The forward-looking
information is made as of the date of this news release and WEQ
assumes no obligation to update or revise such information to
reflect new events or circumstances, except as may be required by
applicable law.
Additional Information
Additional information relating to WEQ and other public filings,
is available on SEDAR at www.sedar.com or on WEQ's website at
www.weq.ca or on The Bowra Group Inc.'s website at
www.bowragroup.com.
SOURCE WEQ Holdings Inc.