TORONTO, Nov. 28,
2022 /CNW/ - VM Hotel Acquisition Corp. (TSX: VMH.U)
(TSX: VMH.WT.U) (the "Corporation" or "VMH"),
announced today that both resolutions put to the holders
("Shareholders") of the Corporation's class A restricted
voting shares (the "Class A Restricted Voting Shares") at
the special meeting of Shareholders held virtually on November 28, 2022 (the "Meeting"), were
approved. The Meeting was held in connection with the Corporation's
business combination with The Pyure Company Inc. ("Pyure"),
HGI Industries, Inc., a predecessor and majority shareholder
of Pyure, and TCPI Mergersub, Inc., a wholly owned subsidiary of
the Corporation, pursuant to which the Corporation intends to
acquire, through a series of transactions, all of the issued and
outstanding shares of Pyure.
The Corporation announced that (i) the resolution to extend the
date by which the Corporation has to consummate a qualifying
acquisition from November 30, 2022 to
March 31, 2023 (the
"Extension"), and (ii) the resolution to approve a legacy
option plan of the Corporation, the full text of which is available
on the Corporation's website at www.vm-hotel.com, were each
approved by the affirmative vote of 87.321% and 100% respectively,
of the votes represented at the Meeting. Following the receipt of
approval of the Shareholders, the board of directors approved the
Extension, effective as of November 29,
2022.
In connection with the Meeting, VMH provided Shareholders with
the opportunity to deposit their Class A Restricted Voting Shares
for redemption (the "Redemption"). After calculating the
Part Vl.1 taxes under the Income Tax Act (Canada) payable in connection with the
Redemption, VMH expects that the amount that each Class A
Restricted Voting Share that was deposited for redemption in
connection with the Extension will be redeemed for is
US$10.05. 8,344,658 Class A
Restricted Voting Shares were deposited for redemption in
connection with the Extension.
A copy of the complete report on voting at the Meeting will be
made available under the Corporation's profile on SEDAR at
www.sedar.com.
About VM Hotel Acquisition
Corp.
VMH is a special purpose acquisition company incorporated under
the laws of the Province of British
Columbia for the purpose of effecting a qualifying
acquisition within a specified period of time. VMH's head office is
located at Brookfield Place, 161 Bay Street, Suite 2420,
Toronto, ON, M5J 2S1 and the
registered office is located at 700 West Georgia Street, Floor 25,
Vancouver, BC V7Y 1B3.
About The Pyure Company
Inc.
Pyure is an air purification technology company located in
Boynton Beach, Florida. Pyure was
incorporated on September 2, 2020 as
a Delaware Corporation. Shortly after its incorporation, Pyure
acquired all of the assets, contracts and liabilities from HGI
Industries Inc., which assets formed the entirety of its business.
Pyure manufactures and distributes hydroxyl air purification
solutions and provides comprehensive design, commissioning, and
maintenance services.
Forward Looking
Statements
This press release may contain forward–looking information
within the meaning of applicable securities legislation, which
reflects the Corporation's current expectations regarding future
events. Forward–looking information is based on a number of
assumptions and is subject to a number of risks and uncertainties,
many of which are beyond the Corporation's control, that could
cause actual results and events to differ materially from those
that are disclosed in or implied by such forward–looking
information. The Corporation does not undertake any obligation to
update such forward–looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law.
SOURCE VM Hotel Acquisition Corp