VANCOUVER, BC, Sept. 24, 2020 /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 September 25, 2020 (the "Record Date") will be entitled to receive a further interim distribution (the "Interim Distribution") made pursuant to a Liquidation Plan dated December 17, 2018 (the "Plan") of Cdn$0.20 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 September 29, 2020, 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 September 30, 2020. WEQ currently has 16,402,044 common shares issued and outstanding.
As noted in its June 24, 2020 news release, WEQ is working to resolve the remaining known outstanding matters related to its liquidation, including tax matters, and continues to make progress. The date of WEQ's dissolution and any future interim or final distribution remains unclear at this time.
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.
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 timing and amount of the Interim Distribution; the expected date of WEQ's dissolution and any future interim or final 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 on at least a quarterly basis.
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 of funds for any distributions including the Interim Distribution or delay the dissolution of WEQ.
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 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.
SOURCE WEQ Holdings Inc.
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