NEW YORK, June 22, 2016 /PRNewswire/ -- Garnero
Group Acquisition Company (NASDAQ: GGAC) ("GGAC"), a public
investment vehicle formed for the purpose of effecting a merger,
acquisition or similar business combination, announced today that
it has adjourned the extraordinary general meeting of its
shareholders that convened today, without conducting any business,
and will reconvene the extraordinary general meeting at
10:00 a.m., eastern time, on
July 19, 2016. GGAC had announced, on
June 17, 2016, its intention to
adjourn the meeting, and the date and time that the meeting is to
be reconvened is the same as in the previous announcement.
The purpose of the extraordinary general meeting is to consider
the proposed business combination with Q1 Comercial de Roupas S.A.
("Grupo Colombo" or "GC"), a leading
apparel retailer in Brazil, and
certain related proposals. GGAC determined that an additional
adjournment of the extraordinary general meeting was necessary to
provide additional time for GC to finalize the previously disclosed
financial restructuring and for GGAC to deliver additional
information regarding the transaction to its shareholders.
GGAC will send a written notice of the adjournment to its
shareholders. Consideration of the business combination proposal at
the reconvened extraordinary general meeting is dependent upon
GGAC's shareholders approving an extension of the deadline for GGAC
to complete an initial business combination from June 25, 2016 to July 22,
2016. If this extension is not approved, GGAC will
automatically wind up, dissolve and liquidate starting by
June 25, 2016, and accordingly the
business combination will be terminated.
GGAC encourages all of its shareholders to vote at the
reconvened extraordinary general meeting. If you have already
provided voting instructions, your shares will be voted in
accordance with these instructions at the reconvened extraordinary
general meeting, unless you affirmatively change your instructions
as described in the proxy statement for the extraordinary general
meeting.
About Q1 Comercial de Roupas S.A.
Founded in 1917, Grupo Colombo is
one of Brazil's leading retailers
with a focus on menswear, with approximately 400 stores throughout
the country. GC has strong brand awareness for its clothing and is
known for its high quality products at competitive prices. Basic
pieces that don't go out of fashion which consumers wear day-to-day
for business or leisure are found throughout the year in its
stores. Beyond the basics, GC also has a premium line that brings
fresh ideas every season. For more information, please visit
www.grupocolombo.com.br/investors.
About Garnero Group Acquisition Company
GGAC was incorporated in the Cayman
Islands on February 11, 2014
as a blank check company whose objective is to acquire, through a
merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business
combination, one or more businesses or entities.
Additional Information
This press release is not a proxy statement or a solicitation of
proxies from the holders of GGAC's ordinary shares and does not
constitute an offer of any securities of GGAC for sale. Any
solicitation of proxies will be made only by the definitive proxy
statement that GGAC has mailed to all shareholders and filed with
the Securities and Exchange Commission, including any supplements
or amendments thereto.
GGAC, its directors and executive officers and EarlyBirdCapital,
Inc. may be deemed to be participants in the solicitation of
proxies for the extraordinary general meeting of GGAC shareholders
to be held to approve the proposed transaction. Shareholders are
advised to read GGAC's definitive proxy statement in connection
with the solicitation of proxies for the extraordinary general
meeting, including any supplements or amendments thereto, because
this proxy statement will contain important information. The
definitive proxy statement has been mailed to shareholders as of
March 28, 2016. Shareholders also may
obtain a copy of the proxy statement, including any supplements or
amendments thereto, without charge, by directing a request to:
EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, NY 10017. The definitive proxy
statement, including any supplements or amendments thereto, also
can be obtained, without charge, at the Securities and Exchange
Commission's internet site (www.sec.gov).
Forward Looking Statements
This press release includes certain forward-looking statements,
including statements regarding future financial performance, future
growth and future acquisitions. These statements are based on
Grupo Colombo's and GGAC's
managements' current expectations or beliefs and are subject to
risk, uncertainty and changes in circumstances. Actual results may
vary materially from those expressed or implied by the statements
herein due to changes in economic, business, competitive and/or
regulatory factors, and other risks and uncertainties affecting the
operation of Grupo Colombo's
business. These risks, uncertainties and contingencies include:
business conditions; changing interpretations of GAAP; fluctuations
in customer demand; management of rapid growth; intensity of
competition from other providers of products and services; general
economic conditions; geopolitical events and regulatory changes;
the possibility that the transactions do not close, including due
to the failure to obtain a necessary extension of the deadline to
consummate an initial business combination, the failure to receive
required shareholder approvals or the failure of other closing
conditions, such as receipt of necessary governmental or regulatory
approvals; and other factors set forth in GGAC's filings with the
Securities and Exchange Commission. The information set forth
herein should be read in light of such risks. Neither GGAC nor
Grupo Colombo is under any
obligation to, and expressly disclaims any obligation to, update or
alter its forward-looking statements, whether as a result of new
information, future events, changes in assumptions or
otherwise.
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SOURCE Garnero Group Acquisition Company
