ComWest Enterprise Announces Completion of Acquisition
02 Luglio 2014 - 3:00PM
Marketwired
ComWest Enterprise Announces Completion of Acquisition
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 2, 2014) -
ComWest Enterprise Corp.
(TSX-VENTURE:CWP)(TSX-VENTURE:CWP.A) (the "Company") is
pleased to announce that it has completed the previously announced
acquisition of a 100% equity interest in Unisync Group Limited
("Unisync"), Canada's leading designer, manufacturer and
distributor of direct sale uniforms, workwear, image apparel and
related solutions. The transaction is valued at approximately
$13,000,000, including debt.
In connection with
the financing of the acquisition, ComWest has completed the first
tranches of a previously announced non-brokered private placement.
Under the first tranches, 1,170,000 Class A restricted equity
shares were issued at a price of $1.50 per share for gross proceeds
of $1,755,000.
All shares issued
under the private placement are subject to a restricted period that
will expire four months after the issuance date. Insiders purchased
484,400 of the Class A restricted equity shares under the first
tranches of the private placement.
The private
placement is subject to final acceptance by the TSX Venture
Exchange.
About ComWest
ComWest's business
is now comprised of its 90% partnership interest in Peerless
Garments LP based in Winnipeg, Manitoba, and its wholly owned
subsidiary, Unisync Group Limited. Unisync's head office is located
in Mississauga, Ontario, with a 100,000 square foot world-class
distribution centre located in Guelph, Ontario and a satellite
distribution facility and sales office in Calgary. Further
particulars on both Peerless and Unisync were set out in the June
25, 2014 news release announcing the acquisition (
http://www.sedar.com ). Revenues for Unisync during its last fiscal
year ended September 30, 2013 were $21.3 million.
ComWest has paid a
regular quarterly dividend since its acquisition of Peerless in
August 2010. The second quarterly dividend for 2014, which would
normally have been paid in June, was suspended to accommodate the
acquisition of Unisync and minimize dilution to existing
shareholders. The Board expects to re-instate a regular quarterly
dividend after the following quarter, subject to available cash
resources.
ON BEHALF OF THE
BOARD
Douglas F. Good,
President
Forward-Looking
Statements
This news
release contains forward-looking statements regarding the future
success of the business of the Company that is subject to risk and
uncertainties. Examples of such forward-looking statements
including, but are not limited to, statements concerning future
private placements and the payment of future dividends. These
forward-looking statements involve known and unknown risk and
uncertainties that may cause the Company's actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied in
these forward-looking statements. These risks include risks related
to the acquisition, risks related to newly acquired businesses,
uncertainty and dilution of additional financing and ability to
service debt, as well as the risk factors described in the
Corporation's Management Discussion and Analysis filed on SEDAR at
www.sedar.com. The forward-looking statements contained herein are
made as of the date of this news release and are expressly
qualified in their entirety by this cautionary statement. Except as
required by law, the Company undertakes no obligation to publicly
update or revise any such forward-looking statements to reflect any
change in its expectations or in events, conditions or
circumstances on which any such forward-looking statements may be
based, or that may affect the likelihood that actual results will
differ from those set forth in the forward-looking
statements.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
ComWest Enterprise Corp.Investor relations
contact:778-370-1725dgood@comwestenterprise.ca
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