WEQ Holdings Inc. (formerly WesternOne Inc.) Provides Update on Liquidation Proceedings

VANCOUVER, Dec. 19, 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"), provides an update as to the liquidation proceedings. As announced in its news release dated July 23, 2019, WEQ made an interim distribution pursuant to a Liquidation Plan dated December 17, 2018 (the "Plan"). The Plan was approved by the Supreme Court of British Columbia (the "Court") pursuant to an Order dated December 17, 2018 (the "Liquidation Order").

WEQ is continuing in its efforts to address remaining outstanding matters relating to its liquidation, including tax matters, and is making progress. However, at this time, WEQ is not aware of the anticipated date of an additional distribution, if any, or the date of its dissolution. The Liquidator has filed an application (the "Application") with the Court for an order to, among other things, extend the time for passing the final accounts. The Application is expected to be heard on or about January 10, 2020. The First Report to the Court of the Liquidator has been filed with the Court as part of the Application.

The Plan, Liquidation Order, the First Report to the Court of the Liquidator 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 and disseminate a news release on at least a quarterly basis.

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: the Liquidator continuing to make available on its website additional information and updates on the status of WEQ's liquidation proceedings and disseminate a news release on at least a quarterly basis; and the intention to appear in Court with respect to the Application on or about January 10, 2020.

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: the Court will approve of the Application; and there will be no intervening events that will materially reduce the amount of funds for 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 Court does not approve of the Application; the risk that any additional distribution will be less than anticipated; and the risk that the timing of any additional distribution or WEQ's dissolution will be further 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.