ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

FUT The Futura Loyalty Group Inc.

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
The Futura Loyalty Group Inc. TSXV:FUT TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Futura Completes Sale of Company

01/02/2013 3:50pm

Marketwired Canada


NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION TO U.S.
NEWS WIRE SERVICES


Further to its press release of January 23, 2013, The Futura Loyalty Group Inc.
(TSX VENTURE:FUT) ("Futura" or the "Company") has completed two transactions
relating to the sale of Futura. In one transaction, Advantex Marketing
International Inc. of Markham, Ontario ("Advantex"), acquired certain assets of
Futura relating to the Aeroplan line of business. In the other transaction, Pong
Marketing and Promotions Inc. ("Pong") acquired 100% ownership of Futura that
was effected through a court approved consolidation of all of the existing
common shares of Futura into one redeemable share that was then redeemed by the
Company, and the subsequent issuance of shares to Pong.


The transactions received court approval on January 29, 2013 pursuant to
Futura's proceeding under the Companies' Creditors Arrangement Act (Canada) (the
"CCAA Proceeding"). In connection with the completion of the Pong transaction,
Futura filed Articles of Reorganization under the Canada Business Corporations
Act providing for, among other things: (i) the consolidation and redesignation
of all of the issued and outstanding common shares of the Company into one
redeemable share which share was redeemed by the Company for $1.00 paid to the
Court-appointed monitor in respect of the CCAA Proceeding (the "Monitor"); and
(ii) the creation and issuance of a new class of common shares. In connection
with the foregoing, the current shareholders of Futura did and will not receive
any consideration for their Futura shares and such shareholders were not asked
to vote on any matter relating to the CCAA Proceeding. At the request of Pong,
upon completion of the Pong transaction, the existing directors of Futura
resigned. Following the completion of the transactions, Pong owns all of the
issued and outstanding new common shares in the capital of Futura.


The proceeds from the transactions were deposited with the Monitor and will be
distributed to Futura's creditors as approved by the Court. The proceeds from
the transactions will not be sufficient to satisfy the claims of all secured
creditors of the Company. Accordingly, no cash distributions will be made to
Futura's unsecured creditors or shareholders in connection with the CCAA
Proceeding.


The common shares of Futura are currently halted from trading and the Company
expects it will be formally delisted from trading on the TSX Venture Exchange as
of the close of business on February 1, 2013.


FOR FURTHER INFORMATION PLEASE CONTACT: 
The Futura Loyalty Group Inc.
David Campbell
416-775-3161
dcampbell@tflg.ca
www.tflg.ca

1 Year The Futura Loyalty Group Inc. Chart

1 Year The Futura Loyalty Group Inc. Chart

1 Month The Futura Loyalty Group Inc. Chart

1 Month The Futura Loyalty Group Inc. Chart

Your Recent History

Delayed Upgrade Clock