2012-11-02 18:58:09 -
Red Deer, Alberta CANADA, November 02, 2012 /FSC/ - Diversified Industries Ltd. (DVS.H - TSX Venture), ("Diversified") announces that it is asking shareholders to vote on a proposed going private transaction (the "Transaction").
The Transaction is being structured as a consolidation of Diversified's common shares. The consideration to be paid to shareholders will be $0.00071 per share. The Transaction will provide liquidity for Diversified's shareholders as the common are not currently listed on any exchange.
The completion of the Transaction is subject to the approval by at least 66 2/3% of the votes cast by holders of Diversified's common shares. Shareholder approval will be sought at a special meeting scheduled to be held on December 3, 2012.
If the Transaction is approved,
the implementation is expected to occur on December 8, 2012.
On behalf of the Board of Directors:
For investor information, please contact:
Larry Malazdrewicz, President/CEO (Interim) Tomas Marshall, CFO
Phone: (403) 346-2149
Parkland Mall, Suite 915
4747 - 67th Street
Red Deer, AB T4N 6H3
Forward Looking Statements
Certain statements in this press release may not be historical and may constitute forward-looking statements reflecting financial performance. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including the risk that there is no assurance that the Transaction will be completed as proposed or at all. Forward-looking statements are based on management's estimates, beliefs and opinions on the date the statements are made. Except as required by law, Diversified assumes no obligation to update forward-looking statements if circumstances should change. Additional information on these and other potential factors that could affect Diversified's financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities. Investors are cautioned that, except as disclosed in the management information circular to be prepared and sent to shareholders in connection with the Transaction, any information regarding the Transaction may not be accurate or complete and should not be relied on.
To view this press release as a webpage, please click on the following link:
Source: Diversified Industries Ltd. (DVS.H - TSX-V) http:www.dvsind.com Maximum News Dissemination by FSCwire. www.fscwire.com