VANCOUVER, July 23, 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"),
today announced that shareholders as of the close of business on
July 23, 2019 (the
"Record Date") will be entitled to receive an interim
distribution (the "Interim Distribution") made
pursuant to a Liquidation Plan dated December 17, 2018 (the "Plan") of
Cdn$2.00 per share. The Plan was
approved by the Supreme Court of British
Columbia (the "Court") pursuant to an Order dated
December 17, 2018 (the
"Liquidation Order").
The Interim Distribution will be characterized as a reduction of
stated capital. Shareholders are advised to consult their own tax
and financial advisors in respect of the Interim Distribution.
By July 25, 2019, the Liquidator
will transfer the aggregate value of the Interim Distribution, on
behalf and for the account of the Corporation, to the
Corporation's transfer agent. The Liquidator anticipates that
the Interim Distribution will be made by the transfer agent to WEQ
shareholders on or about July 26,
2019. WEQ currently has 16,402,044 common
shares issued and outstanding.
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. It also
intends to disseminate a further news release in September 2019 to provide an update generally
including with respect to the timing of any additional
distribution.
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
anticipated liquidation of the Corporation and distributions to
shareholders, including the Interim Distribution, timing of the
Interim Distribution, the amount of the Interim Distribution, the
Liquidator continuing to make available on its website additional
information and updates on the status of WEQ's liquidation
proceedings, and the Liquidator's intention to disseminate a
further news release in September
2019 to provide a general update, including with respect to
the timing of any additional distribution.
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 funds
available for the Interim Distribution or an additional
distribution or that delay the Interim Distribution or any
additional distributions.
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 Interim
Distribution or any additional distribution will be less than
anticipated; and the risk that the timing of the Interim
Distribution or any additional 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.