VANCOUVER, June 28, 2019 /CNW/ - WEQ Holdings Inc. (formerly
WesternOne Inc.) ("WEQ" or the "Corporation") by The
Bowra Group Inc. in its capacity as the Court-appointed liquidator
of WEQ (the "Liquidator"), confirms that the Liquidator is
in the process of finalizing the post-closing purchase price
adjustments with United Rentals of Canada, Inc. ("URI") under the
definitive asset purchase agreement pursuant to which WEQ sold
substantially all of its assets to URI at the end of November 2018. The Liquidator expects to finalize
these adjustments with URI before the end of July 2019 and intends to make an interim
distribution to shareholders of WEQ shortly thereafter. WEQ will
issue a further news release confirming the timing and amount of
such interim distribution once determined.
The interim distribution will be made pursuant to the Plan of
Liquidation and Dissolution of the Corporation dated December 17, 2018 (the "Plan"). The
Plan was approved by the Supreme Court of British Columbia pursuant to an Order dated
December 17, 2018 (the
"Liquidation Order").
The Plan, Liquidation Order and other materials filed in the
Corporation's liquidation proceedings can be found on the
Liquidator's website at: www.bowragroup.com.The Liquidator will
continue to make available on its website additional information
and updates on the status of WEQ's liquidation proceedings. The
Liquidator continues to enforce the Plan and will provide further
updates regarding distributions to shareholders of the Corporation
made in accordance with the Plan. However, 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
expected interim distribution to shareholders of the Corporation;
the timing and amount of the interim distribution; the issuance of
an additional news release; and the expected timing of finalizing
post-closing arrangements with URI.
Although the forward-looking information contained in this news
release is based upon what WEQ and the Liquidator believe 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 the
Liquidator and reflected in the forward-looking information in this
news release include without limitation: there will be no
intervening events that will materially reduce the amount of funds
available for the interim distribution or that delay the interim
distribution; and there will be no intervening factors which cause
the Liquidator and URI to delay their finalization of post-closing
arrangements.
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 the Liquidator and URI
will not finalize the Corporation's post-closing arrangements; the
risk that the confirmation of the interim distribution will be
delayed; the risk that the amount of the interim distribution will
be less than anticipated; and the risk that the timing of the
interim distribution will be delayed. 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.