United Protection files Notice of Intention to make a Proposal
(TSX - V: UZZ)
EDMONTON, June 3, 2013 /CNW/ - United Protection Security Group Inc. (the "Company") has claimed protection under Canadian federal legislation respecting insolvencies. Following the decision of the Company's Board of Directors, a formal Notice of Intention was filed on Friday, May 31, 2013.
The management and the board of directors announce that they remain committed to implementing an effective reorganization of the Company pursuant to applicable legislation.
An offer to acquire some or all of the Company's business has been made by a national security services provider. There is no assurance that this, or any similar, transaction will be successfully completed. If such a transaction is completed it is contemplated that the Company would discontinue its operations as they currently exist or, if not completed, the Company would continue to pursue its reorganization.
The Company's shares remain subject to a cease trade order and a trading suspension by the TSX Venture Exchange imposed due to the delay in filing its financial statements for the year ended December 31, 2012.
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks related to business development and retention, and risks related to the current economic and credit conditions. As a result, actual results may vary materially from those described in the forward-looking statements.
Neither the 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.
SOURCE United Protection Security Group Inc.