Innovative Properties Inc. ("Innovative" or the "Corporation") (TSX
VENTURE:INR) announced today that, subject to the approval of the
TSX-Venture Exchange and the shareholders of Innovative (the
"Shareholders"), it intends to move forward with a restructuring
and recapitalization transaction to move toward reducing the
Corporation's debt burden and strengthening its balance sheet (the
"Restructuring Transaction").
The Restructuring Transaction shall consist of the
following:
a. the consolidation of the common shares of Innovative (the "Common
Shares") on a 7:1 basis such that the 23,537,825 Common Shares issued
and outstanding as of the date hereof shall be consolidated to 3,362,546
Common Shares (the "Share Consolidation");
In connection with the Restructuring Transaction, Innovative has
borrowed $45,000.00 from a group of investors (the "Investors") for
working capital purposes to satisfy certain debts (the "Loan"). The
Loan shall bear interest at a rate of 6% per annum and is evidenced
by a demand promissory note.
In addition, there have been significant changes to the Board of
Directors and Officers of the Corporation. Gordon Neal and Boyd
Hunter have resigned from their positions as President and Chief
Executive Officer and Chief Financial Officer, respectively. The
Board has elected Sonny Janda as President and Chief Executive
Officer and Jamie Lewin as Chief Financial Officer. Mr. Neal will
remain a director of the Corporation.
The Board announces the resignations of Directors Ronald Smith
and George Findlay. The Board has elected Eugene Beukman and Sonny
Janda to replace these vacancies. In addition, Jamie Lewin has been
elected to the Board as the sixth Director of the Corporation.
The Corporation wishes the resigning Directors and Officers the
best of luck with their future endeavors and thanks them for their
contribution and invaluable time spent. Biographies for the new
officers and directors can be found at the bottom of this news
release.
Furthermore, Innovative expects to mail an information circular
(the "Circular") to Shareholders in the month of November, 2011 in
connection with holding of a special meeting of Shareholders to be
held on or about December 19, 2011 in Halifax, Nova Scotia, to
approve the Restructuring Transaction, elect directors to the Board
who shall be nominated by the Investors and change the registered
and records (head) office to British Columbia. The Circular will
include additional details concerning the Restructuring
Transaction, the directors who shall stand for election and
particulars on the head office change.
Biographies
Sonny Janda
Sonny Janda began his career in the Canadian real estate
management, development and acquisitions market where he gained
extensive experience. In 2010, he was appointed President and CEO
of Grand Peak Capital Corp., a TSX-V (GPK) listed company that
invests in public and private corporations, primarily in junior
exploration companies. He holds a Bachelor's degree in economics
from Simon Fraser University located in Vancouver, BC. He is a
founding director of Red Star Capital Ventures Inc., a capital pool
company listed on the TSX Venture Exchange. He also serves on the
boards of several other public companies listed on the TSXV
including Maxtech Ventures Inc., Desert Gold Ventures Inc., Lucky
Minerals Inc. and Chimata Gold Corp. In addition, he is a director
of CNSX listed EasyMed Services Inc. Mr. Janda is actively involved
in several charitable organizations, including the B.C. Children's
Hospital Foundation, and the Richmond Hospital Foundation.
Jamie Lewin
Jamie Lewin is a professional accountant who also holds a
Master's degree in Business Administration (MBA), with
specialization in financial management, from City University, of
Bellevue, WA, in the US and he holds a Certification in Public
Companies from SFU in British Columbia. In addition, he completed a
LLB at Laval University in Quebec City and a BA in Economics at the
University of Western Ontario. He has more than 18 years experience
in accounting and finance for private and public companies. They
range from brokerage and investment through to manufacturing,
distribution, resources and service. Operations have been both
domestic and international. Previous management positions include
Controller and Finance Manager. Currently Jamie is an operational
CFO for Grand Peak Capital, Lucky Minerals and Grenville Gold and
executive level only CFO of Choice Gold, AHI and ME Resources. In
the past he has also been operational CFO of Abenteuer Resources
and Dussault Apparel. These companies are or were listed on the
TSX-V, CNSX and OTC BB. Mr. Lewin has been a director and audit
committee member with Abenteuer Resources and a director with Lucky
Minerals. Jamie has served on the Boards of two NPO's, in Treasury
and Fund Development functions, and is a member of the Vancouver
Art Gallery. He is also the owner of Best Fit Consulting.
Eugene Beukman
Eugene Beukman serves as President and/or as a director for a
number of public companies, trading on the TSX Venture Exchange and
Canadian National Stock Exchange. He graduated from the University
of Johannesburg, South Africa with a Bachelor of Law degree and a
Bachelor of Law Honors Postgraduate degree in 1987. From 1987 until
1993, when he moved to Vancouver, British Columbia, Mr. Beukman was
employed as a legal advisor to the predecessor of BHP Billiton. He
has over twenty years experience in the acquisition of assets and
joint ventures. Mr. Beukman is also an Admitted Advocate of the
Supreme Court of South Africa. He serves as an audit committee
member for a number of public companies.
ABOUT INNOVATIVE PROPERTIES INC.
Innovative Properties Inc. is a publicly traded Canadian
corporation involved in property management related services and
technologies.
FORWARD LOOKING STATEMENTS
This press release may contain or refer to certain
forward-looking statements relating, but not limited to,
Innovative's expectations, intentions, plans and beliefs with
respect to Innovative. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects", "does not expect", "is expected", "budget", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or equivalents or variations, including negative
variations, of such words and phrases, or state that certain
actions, events or results, "may", "could", "would", "should",
"might" or "will" be taken, occur or be achieved.
Forward-looking statements rely on certain underlying
assumptions that, if not realized, can result in such
forward-looking statements not being achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause the actual results of Innovative to be
materially different from the historical results or from any future
results expressed or implied by such forward-looking statements.
Although Innovative has attempted to identify important factors
that could cause actual actions, events or results or cause
actions, events or results not to be estimated or intended, there
can be no assurance that forward-looking statements will prove to
be accurate as actual results and future events could differ
materially from those anticipated in such statements. Other than as
required by applicable Canadian securities laws, Innovative does
not update or revise any such forward-looking statements to reflect
events or circumstances after the date of this document or to
reflect the occurrence of unanticipated events. Accordingly,
readers should not place undue reliance on forward-looking
statements.
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
Contacts: Sonny Janda, President, CEO (604) 592 6881 (604) 592
6882 (FAX)
(TSXV:INR)
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