World Point Holdings, Inc. announces acquisition of additional equity interests in World Point Terminals Inc.

Jun 15, 2010, 16:43 ET from World Point Terminals Inc.

TORONTO, June 15 /PRNewswire-FirstCall/ - In connection with the previously announced privatization transaction (see press release of World Point Terminals Inc. dated April 9, 2010) involving the amalgamation of World Point Terminals Inc. and World Point Inc., a Nova Scotia corporation, World Point Holdings, Inc., a Delaware corporation with its address at 8235 Forsyth Blvd., Suite 400, St. Louis, MO USA 63105, announced today that it had acquired, through private transactions, an additional 10,190,067 common shares of World Point Terminals Inc. (40% of the outstanding shares of World Point Terminals Inc.) from private parties in exchange for an equivalent number of common shares of World Point Holdings, Inc. to be issued as a part of the privatization transaction. Pursuant to the terms of the privatization transaction, the holders of common shares of World Point Terminals Inc. will receive consideration of US$19.90 per share through a combination of a special dividend and redemption. World Point Holdings, Inc. currently exercises control or direction over 23,731,360 common shares of World Point Terminals Inc. or 93% of the outstanding common shares of World Point Terminals Inc.

The acquisition of these securities by World Point Holdings, Inc. is a step in the privatization transaction involving World Point Terminals Inc. described in the management proxy circular of World Point Terminals Inc. dated May 13, 2010, available under the issuer profile for World Point Terminals Inc. at www.sedar.com. At a meeting of shareholders of World Point Terminals Inc. held on June 10, 2010, the shareholders considered and adopted a special resolution approving the privatization of World Point Terminals Inc.

This acquisition by World Point Holdings, Inc. is one of a series of transactions that will include transfer by World Point Holdings, Inc. of its share of World Point Terminals Inc. to World Point Inc., a Nova Scotia corporation, prior to the effective date of the amalgamation.

SOURCE World Point Terminals Inc.