In an effort to improve the Corporation’s financial position by decreasing the Corporation’s and its subsidiaries debt and increasing its net asset value, the Corporation has agreed, subject to the approval of the
Following the closing of the proposed Shares for Debt Transaction,
The Shares for Debt Transaction constitutes a "related party transaction" as such term is defined by the Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Corporation will be relying on exemptions from the formal valuation and minority shareholder approval requirements set out respectively under sections 5.5(b) and 5.7(1)(b) of MI 61-101. The Corporation will satisfy the conditions of the exemptions given that: (A) its securities are not listed or quoted on one of the specified stock exchanges enumerated in sections 5.5(b) and 5.7(1)(b)(i) of MI 61-101; (B) neither the “fair market value” (as such term is defined under MI 61-101) of the Shares for Debt Transaction, nor the consideration to be received for the Repayment Shares, exceeds
The Shares for Debt Transaction is subject to the approval of the Exchange. Once issued, the Repayment Shares will be subject to a hold period of 4 months.
Forward Looking Statements
Certain information included in this press release may contain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “could”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, or “continue” or the negative thereof or variations thereon or similar terminology. These statements are not historical facts, but reflect management’s current beliefs and are based on information currently available to management regarding future results and events. Particularly, these forward-looking statements are based on management’s estimate of future events based on technological advances relating to the Corporation’s services, current market conditions and past experiences of management in relation to how certain contracts will affect revenues. Forward-looking statements, by their very nature, involve significant risks, uncertainties and assumptions.
A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to dependence on major customers, system failures, delays and other problems, increasing competition, security and privacy breaches, dependence on third-party software and equipment, adequacy of network reliance, network diversity and backup systems, loss of significant information, insurance coverage, capacity limits, rapid technology changes, market acceptance, decline in volume of attractions, retention of key members of the management team, success of expansion into Chinese and other Asian markets, credit risk, consolidation of existing customers, dependence on required licenses, economy and politics in countries where the Corporation operates, conflicts of interest and residency of directors and officers. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, the Corporation cannot assure the reader that actual results will be consistent with these forward-looking statements.
These forward-looking statements are made as of the date of this press release, have been approved by management as of the date hereof and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances except as may be required by law. Accordingly, readers should not place undue reliance on the forward-looking statements. All forward-looking statements contained in this press release are qualified by this cautionary statement.
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Tel: +65-6441-1029
Email: investor.relations@ginsms.com
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