2014-02-03 22:12:35 -
Calgary, Alberta CANADA, February 03, 2014 /FSC/ - Acorn Income Corp. (ACI - CSE"Acorn" or the "Company updating its news release of December 12, 2013, announces that its shareholders have approved the voluntary liquidation and dissolution of the Company pursuant to the Business Corporations Act (Alberta), and the distribution of the net cash assets to the shareholders (the "Dissolution The resolution authorizing the Dissolution was approved by more than two-thirds of the votes cast by shareholders present or represented by proxy at the annual and special meeting of shareholders (the "Meeting") held today.
Notwithstanding the receipt of such shareholder approval, the board of directors has been empowered and authorized by the shareholders with the discretion not to proceed with the
Dissolution if it determines that it is no longer in the best interests of the Company and its shareholders. The board of directors of the Company will continue to assess other potential opportunities, if any, that the directors view as reasonably likely to provide greater realizable value to its shareholders than is expected under the Dissolution.
Full details of the steps and conditions of the Dissolution are described in the management information circular of the Company, dated January 3, 2014, prepared in connection with the Meeting. A copy of the Company's management information circular is available on SEDAR at www.sedar.com. Shareholders are encouraged to review the future news releases and other continuous disclosure documents issued and/or filed on the Company's SEDAR profile which may include further information regarding the progress of the Dissolution, its timing, and the amount of distributions thereunder. The Company will announce and/or file such updated information as it becomes available in accordance with applicable securities laws.
For further information, please contact Elias Foscolos, President, Chief Executive Officer and Chief Financial Officer of Acorn Income Corp., Tel: (403) 265-6540, Fax (403) 206-7185, Email: email@example.com
This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable securities laws including transactions as alternatives to the Dissolution, the Dissolution and the distribution of funds to shareholders. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based upon currently available information to the Company. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in forward-looking statements. Risks include, but are not limited to: receipt of all required regulatory approval, changes in tax laws, the ability of the Company to effect an orderly wind-up of its operations, the possible delay in implementation of the liquidation and dissolution, the timing and amount of payments to shareholders, and unknown liabilities which may be asserted in connection with the liquidation. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in more detail in the Company's management's discussion and analysis and other documents available at www.sedar.com. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release, and, except as required by applicable law, The Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
To view the press release as a PDF file, please click on the following link:
Source: Acorn Income Corp.
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