TSXV: DUG
TORONTO, Feb. 21, 2019 /CNW/ - Distinct Infrastructure
Group Inc. ("Distinct" or the "Company") is providing an
update.
The Company announces that Messrs. Joe
Lanni and Alex Agius, its
former Co-Chief Executive Officers, are no longer employed by the
Company. Messrs. Lanni and Agius remain directors of the
Company.
The Company also announces the appointment of Sean Weir as its Interim Chief Executive
Officer. Mr. Weir was recently the President of WRC Timber, a
holding company that has controlling interest in White River Forest
Products, Hornepayne Lumber and Hornepayne Power with combined
annual revenues in excess of $200
million. Prior to WRC Timber, he was President and Chief
Executive Officer of eCycle Solutions, a privately owned Canadian
electronics business that focuses on diverting old electronics from
landfill and recovering the valuable commodities in the old
devices. During his tenure at eCycle, he was instrumental in
improving the company's profitability and took the company from
special loans to cash-flow self-sufficiency.
Further to its press release of February
13, 2019, where the Company stated that "its prior audited
and unaudited financial statements for the year ended December 31, 2017 and the three quarterly periods
ended March 31, June 30 and Sept. 30,
2018 should no longer be relied upon", the Ontario
Securities Commission (the "OSC") has noted Distinct in default. As
a result of the default, the OSC has issued a cease trade order
dated February 15, 2019 (the "CTO").
In addition, the TSX Venture Exchange ("TSXV") has suspended the
Company's shares from trading through the facilities of the
Exchange. The TSXV also issued a bulletin dated February 19, 2018 advising that upon the
revocation of the CTO, trading in the Company's shares will remain
suspended until such time that the Company meets the continuous
listing requirements of the TSXV.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking statements" within
the meaning of applicable securities legislation. Distinct is
subject to significant risks and uncertainties which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward looking statements contained in
this release. Distinct cannot assure investors that actual results
will be consistent with these forward looking statements.
SOURCE Distinct Infrastructure Group Inc.
