Garneau Inc. announces shareholder approval of voluntary liquidation and dissolution

    




 NEX - GAR.H 

 NISKU, AB, Nov. 7, 2011 /CNW/ - Garneau Inc. ("Garneau" or the "Corporation") announces that at a special meeting of shareholders (the "Meeting") of the Corporation held on November 7, 2011, the shareholders of the  Corporation approved a special resolution authorizing: (i) the  liquidation of the Corporation; (ii) the distribution of the remaining  assets of the Corporation, which is expected to be a small amount of  cash; and (iii) the dissolution of the Corporation, all in accordance  with the requirements of the Business Corporations Act (Alberta) and pursuant to a plan of liquidation and dissolution. 

 The Corporation has filed a Certificate of Intent to Dissolve and  expects to complete its voluntary liquidation and dissolution on or  about November 30, 2011. Any cash remaining at that time will be  distributed on a pro rata basis to Garneau's shareholders.  A letter of  transmittal (the "Letter of Transmittal") will be mailed to registered shareholders in due course with  instructions as to how shareholders may claim their pro rata share of  such cash distribution. 

 Completion of such transactions also remains subject to stock exchange  and other applicable regulatory approvals.  For more information,  please refer to the Letter of Transmittal and the Corporation's  management proxy circular dated October 7, 2011. 

 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 completion of the liquidation and  dissolution of the Corporation, the potential existence and timing of a  cash distribution and the delivery of the Letter of Transmittal. 

 Actual events could differ materially from those anticipated in these  forward-looking statements as a result of certain risk factors,  including the receipt of all necessary regulatory approvals for the  transactions contemplated herein, the receipt of required shareholder  approvals, the potential for unexpected costs and expenses such that  the Corporation will not have sufficient funds to complete a  Liquidation Distribution upon the completion of the transactions  contemplated herein, the possibility that the Plan of Liquidation is  not put into effect by the Board and the ability of a claimant, in  certain circumstances, to make claims after the Corporation is  dissolved that may be satisfied through the Liquidation Distribution  from the Shareholders up to 2 years after the date of dissolution.  

 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. 

 Neither TSX Venture Exchange nor its Regulation Services Provider (as  that term is defined in the policies of the TSX Venture Exchange)  accepts responsibility for the adequacy or accuracy of this release.  

Garneau Inc.


CONTACT:  Glen GarneauActing President and CEODarlene KirkpatrickProject and Communications ManagerPhone: [phone]Fax: [phone] 


    

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