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.