Garneau Inc. Announces Dissolution

    




 NISKU, AB, Nov. 30, 2011 /CNW/ - Garneau Inc. ("Garneau" or the "Corporation") announces that further to its press release of November 7, 2011  announcing the approval of holders ("Shareholders") of common shares of Garneau ("Common Shares") of: (i) the liquidation of the Corporation; (ii) the distribution of  the remaining assets of the Corporation; and (iii) the dissolution of  the Corporation, all pursuant to a plan of liquidation and dissolution,  the Corporation has received a certificate of dissolution and is now  formally dissolved. 

 All of the remaining assets of the Corporation, being an amount of cash  that is expected to be approximately $370,000 or approximately $0.03  per Common Share, will be transferred to Olympia Trust Company ("Olympia") to be distributed to Shareholders on a pro rata basis (the "Distribution").  Prior to effecting the Distribution, Olympia must receive a  clearance certificate from Canadian tax authorities. Garneau has  engaged a third party to obtain the clearance certificate and such  certificate is expected to be obtained in the first quarter of 2012.   In order to obtain their pro rata of the Distribution, each Shareholder  must also provide Olympia with a duly completed letter of transmittal,  the form of which has been mailed to registered Shareholders. For  further information on the process required for a Shareholder to claim  his or her pro rata share of the Distribution, please contact Olympia  at: (by mail or courier) Calgary - Suite 2300, 125 - 9th Avenue SE,  Calgary Alberta T2G 0P6 or Toronto - 920 - 120 Adelaide Street W,  Toronto, Ontario  M5H 1T1; (by phone) toll free: 1-888-353-3138; or (by  email) [e-mail]. 

 Forward-Looking Information 

 Certain information contained herein constitutes forward-looking  statements. Forward-looking statements are frequently characterized by  words such as "may", "plan", "expect", "project", "intend", "believe",  "anticipate" and other similar words, or statements that certain events  or conditions "may" or "will" occur. Forward-looking statements are  based on the opinions and estimates of management at the date the  statements are made and are subject to a variety of risks and  uncertainties and other factors that could cause actual events or  results to differ materially from those projected in the  forward-looking statements. 

 In particular, this document contains forward-looking statements  pertaining to the timing of the receipt of the clearance certificate  from Canadian tax authorities. 

 Actual events could differ materially from those anticipated in these  forward-looking statements as a result of certain risk factors,  including unexpected delays in receiving the clearance certificate.  

 The forward-looking statements contained herein are based on certain key  expectations and assumptions of the Corporation which are subject to  change. Although the Corporation considers these assumptions to be  reasonable based on information currently available to it, they may  prove to be incorrect. 

 You are cautioned not to place undue reliance on forward-looking  statements, which speak only as of the date hereof. The Corporation  does not undertake to release publicly any revisions to these  forward-looking statements to reflect events or circumstances that  occur after the date hereof or to reflect the occurrence of  unanticipated events, except as may be required under applicable  securities laws. 

Garneau Inc.


CONTACT:  Darlene KirkpatrickPhone: [phone]Fax: [phone]Olympia Trust Company               Suite 2300, 125 - 9th Avenue SE    920 - 120 Adelaide Street WCalgary Alberta T2G 0P6            Toronto, Ontario  M5H 1T1Toll free: [e-mail] 


    

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