Hodgins Auctioneers announces Letter of Intent for Worldwide Auction Business and Election of New Director
10 Septiembre 2012 - 1:15PM
PR Newswire (Canada)
MELFORT, SK, Sept. 12, 2012 /CNW/ - Hodgins Auctioneers Inc.
("Hodgins") is pleased to announce that it has signed a Letter of
Intent with Pinto Ventures Ltd. ("Pinto"), a related party to
Hodgins, to acquire www.taxlossauction.com and associated
intellectual property rights and product marketing program.
www.taxlossauction.com is an internet based digital auction
business model designed for the world wide consignment and sale of
tax losses. The non-binding Letter of Intent is subject to several
conditions including applicable regulatory approval, due diligence,
and board of director's approval of the definitive purchase
agreement. The purchase price of $500,000 is payable by the
issuance of 2,500,000 shares at a deemed value of $0.20 per
share. Hodgins will be obligated to pay 10% of net profits to
Pinto, on a monthly basis. The transaction is scheduled to close no
later than October 1, 2012 or such other date as determined by
Hodgins and Pinto. The board of directors is pleased to announce
that Grant Hodgins was elected a director at the recent annual
shareholder meeting. The current directors are Gordon
Anderson, Clive Llewellyn, Barrie Jung, Brian Lovig and Grant
Hodgins. Mr. Jung was re-appointed as President and Mr.
Hodgins was re-appointed as Chief Executive Officer. About Hodgins
Auctioneers Inc. Headquartered in Melfort, SK for more than 50
years, Hodgins Auctioneers is a provider of professional auction
services. Hodgins is renowned for its experienced Auctioneers,
award-winning promotions, dependable results and commitment to
providing the ultimate marketplace for the sale of assets by
auction. 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. Hodgins Auctioneers Inc. CONTACT: Grant
Hodgins, CEOHodgins Auctioneers Inc.Tel: 1-800-667-2075Fax: (306)
752-5702Email: grant@hodginsauctioneers.comWebsite:
www.hodginsauctioneers.com
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