Hi to the thread: I've been following Stamford for some time ,I don't own any,it's history and the exchange it is on,the Canadian Dealer's Network, or CDN are a bit to in question for me. Following are some news releases from
canada-stockwatch.com :
Stamford International Inc -
Stamford International reaches agreement to settle outstanding litigation
Stamford International Inc
STFD
Shares issued 27,526,658
1999-06-09 close $1.1
Thursday Jun 10 1999
Mr. Robert Wilson reports
An agreement has been reached to settle the outstanding litigation involving the company
and its main shareholder groups, and to distribute the company's shares of Nanovation
Technologies, Inc. to its shareholders as quickly as possible. The effective date of the
agreement and the court order embodying its terms is June 9, 1999. Parties to the agreement
in support of the transaction represented in excess of two-thirds of the outstanding shares
of the company. The significant features of the agreement are as follows:
1.
All litigation in connection with the application in Ontario Court as previously disclosed
will cease, other than as may be required to follow up on the intent of the agreement.
2.
A new board of directors will be appointed, consisting of Robert G. Wilson, Robert H.
Miller, Robert D. Kofman, Richard A. Potts, and Jeffrey L. Goldberg, replacing Philip
Graves, Peter Lange, Darren Pylot, and Costas Takkas.
3.
Stamford will be reorganized such that the shares of Nanovation owned by the company
will be transferred to its shareholders in an expeditious manner by way of merger,
liquidation, dissolution, windup, or other procedure, following receipt of advice as to the
most tax efficient structure. If required by applicable law, the company will call a special
meeting of the shareholders of Stamford to approve the steps necessary to accomplish
the reorganization.
4.
Stamford will not undertake any new business, and except to effect the reorganization
and as contemplated by the agreement, Stamford will not distribute, convert or assign
any of its assets, including its shares of Nanovation, or enter into any new transaction,
or incur any indebtedness or liabilities, or issue any shares, options, warrants, or other
securities.
5.
The special shareholders meeting scheduled for June 15, 1999, is to be terminated at the
outset of the meeting before the transaction of any business, as the business for which
the meeting was called will have already been dealt with by way of the agreement and the
court order.
6.
Western Trade Corporation has cancelled and rescinded 1,375,000 shares which were
issued pursuant to warrants exercised at 50 cents per share. After giving effect to the
cancellation of these shares, there are 27,526,658 shares issued and outstanding in the
share capital of the company.
The agreement is considered to be a milestone in the evolution of the company and a
significant step forward for shareholder value. A vast majority of the shareholders agree on
the direction of the company. It is anticipated that this reorganization will assist in
maximizing the value of the shares of Nanovation for the benefit of Stamford's shareholders.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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