SYMBOL: HIS (TSXV)
www.hartstores.com
LAVAL, QC, Feb. 10, 2015
/CNW Telbec/ - Hart Stores Inc. (TSXV: HIS) is pleased to
announce that it has completed the sale of the Company by
amalgamating with 9102221 Canada Inc.
(the "Purchaser"), a newly-incorporated corporation
indirectly owned by Mr. Paul Nassar. In the
amalgamation, which was effected on February 6, 2015 under the
Canada Business Corporations Act, all of the
13,662,296 issued and outstanding common shares of Hart Stores
were cancelled; shareholders will receive $0.20 in cash for each share held in
consideration for the cancellation of the shares. The total
purchase price is approximately $2.73 million. It is expected that the
Purchaser will continue to carry on the operations of Hart
Stores.
The amalgamation was approved by Hart Stores' shareholders at a
special meeting held on February 6, 2015 with a positive vote
of approximately 99.96% of the shares voted.
In connection with the sale, Hart Stores has applied for
delisting from the TSX Venture Exchange and will apply to the
provincial securities commissions for revocation of its status as a
"reporting issuer".
Burkman Capital Corporation acted as financial advisor and
Fasken Martineau DuMoulin LLP acted as legal counsel to Hart
Stores in connection with the sale of the Company.
ABOUT HART STORES INC.:
Hart Stores Inc. operates a network of 61 mid-sized department
stores located in secondary and tertiary markets in Eastern Canada, where the Company has
established a dominant position in many of the communities that it
serves. The stores offer an extensive and differentiated
selection of national and exclusive fashion apparel brands as well
as family footwear, home furnishings, electronics, appliances,
giftware, toys and seasonal goods.
FORWARD-LOOKING STATEMENTS
Certain statements included in this news release may constitute
"forward-looking statements" within the meaning of the Canadian
securities legislation and regulations. Such forward-looking
statements involve assumptions, known and unknown risks,
uncertainties and other factors that may affect our ability to
implement our strategies and plans, which could cause actual
results to differ materially from future results expressed or
implied by such forward-looking statements. You should not
place undue reliance on these forward-looking statements, which are
made only as of the date of this press release. We refer you
to the Company's filings with the Canadian securities regulatory
authorities for a discussion of other factors and risks that may
affect the Company's future results.
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 the release.
SOURCE Hart Stores Inc.