WOOD COMPOSITE TECHNOLOGIES INC. ANNOUNCES SALE OF EXTRUSION EQUIPMENT, UPDATE ON SALE OF NISKU PROPERTY AND REPORTS ON VOTING R
May 13 2011 - 12:46PM
PR Newswire (Canada)
NISKU, AB, May 13 /CNW/ -- NISKU, AB, May 13 /CNW/ - Wood Composite
Technologies Inc. (TSX-V: WCT) (the "Company") announced it has
sold its extrusion equipment to Westech Building Products ULC
("Westech") for gross proceeds of $511,350 cash including
GST. The extrusion equipment was previously leased to Westech
and was being used by Westech to provide custom extrusion services
to the Company as announced on October 2, 2009. Although
there is no formal agreement existing at this time for future
extrusion services, the Company expects that it will continue to be
able to secure additional custom extrusion services from Westech as
and when and if the Company determines it requires them, if ever.
The Company also announced that at the annual and special meeting
of the shareholders of the Company ("Shareholders") held on May 10,
2011 (the "Meeting") the Shareholders approved a special resolution
authorizing the directors of the Company to, in their discretion,
sell all or substantially all the assets of the Company in one or
more transactions. This resolution constitutes the requisite
shareholder approval required by the Company to complete the sale
of the Company's Nisku property first announced on April 1,
2011. Both the Company and the purchaser have now removed
their conditions with respect to the sale of the Nisku property and
the transaction is expected to close on July 24, 2011. The Company
also reported in relation to the Meeting that all of the general
business of the meeting (i.e. election of directors and appointment
of auditor) was approved. All the special business voted on
by Shareholders (i.e. the sale of the Company's assets) was also
approved. The Company also reported that certain matters of
special business described in the management information circular
and proxy statement dated April 5, 2011 (the "Circular") and the
associated form of proxy in respect of the Meeting, namely the
"Stated Capital Reduction Resolution", the "Reporting Issuer
Resolution" and the "Share Transfer Restrictions Resolution"
described in the Circular, were withdrawn from the agenda of the
Meeting at the Meeting and were not voted on. The decision to
withdraw the matters of business was made by the board of directors
notwithstanding the anticipated voting results with respect to the
withdrawn matters. The Company may re-address one or more of
the withdrawn matters at a future meeting of the
Shareholders. About Wood Composite Wood Composite is listed
on the TSX Venture Exchange under the symbol "WCT" and maintains
certain patents and processes that are proprietary to the Company
which utilize recycled post industrial materials. The TSX Venture
Exchange does not accept responsibility for the adequacy or
accuracy of this release. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/May2011/13/c4440.html p
John Greenwoodbr/ President and Chief Executive Officerbr/
Telephone: (780) 955-3525br/ Facsimile: (780) 955-7075 /p p
align="justify" Website: a
href="http://www.woodcomp.com"www.woodcomp.com/a. /p
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