VANCOUVER, Dec. 19, 2019 /CNW/ - WEQ Holdings Inc. (formerly
WesternOne Inc.) ("WEQ" or the "Corporation") by The
Bowra Group Inc. in its capacity as the Court-appointed liquidator
of WEQ (the "Liquidator"), provides an update as to the
liquidation proceedings. As announced in its news release
dated July 23, 2019, WEQ made an
interim distribution pursuant to a Liquidation Plan dated
December 17, 2018 (the
"Plan"). The Plan was approved by the Supreme Court of
British Columbia (the
"Court") pursuant to an Order dated December 17, 2018 (the "Liquidation
Order").
WEQ is continuing in its efforts to address remaining
outstanding matters relating to its liquidation, including tax
matters, and is making progress. However, at this time, WEQ is
not aware of the anticipated date of an additional distribution, if
any, or the date of its dissolution. The Liquidator has filed an
application (the "Application") with the Court for an order
to, among other things, extend the time for passing the final
accounts. The Application is expected to be heard on or about
January 10, 2020. The First
Report to the Court of the Liquidator has been filed with the Court
as part of the Application.
The Plan, Liquidation Order, the First Report to the Court of
the Liquidator and other materials filed in the Corporation's
liquidation proceedings can be found on the Liquidator's website
at: www.bowragroup.com. The Liquidator will continue to make
available on its website additional information and updates on the
status of WEQ's liquidation proceedings and disseminate a news
release on at least a quarterly basis.
Forward-Looking Information
Certain statements in this news release may constitute
"forward-looking information" within the meaning of applicable
Canadian securities laws, which information involves known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements or industry results, to
be materially different from any future results, performance or
achievements or industry results expressed or implied by such
forward-looking information. Forward-looking information is
identified by the use of terms and phrases such as "anticipate",
"believe", "could", "estimate", "expect", "intend", "may", "plan",
"predict", "project", "will", "would", and similar terms and
phrases, including references to assumptions. Such information
includes, without limitation: the Liquidator continuing to make
available on its website additional information and updates on the
status of WEQ's liquidation proceedings and disseminate
a news release on at least a quarterly basis; and the intention to
appear in Court with respect to the Application on or about
January 10, 2020.
Although the forward-looking information contained in this news
release is based upon what WEQ and the Liquidator believe to be
reasonable assumptions, it cannot assure investors that actual
results will be consistent with such information. Certain key
expectations and assumptions made by the Corporation and the
Liquidator and reflected in the forward-looking information in this
news release include, without limitation: the Court will approve of
the Application; and there will be no intervening events that will
materially reduce the amount of funds for any additional
distributions.
Forward-looking information reflects current expectations of WEQ
regarding future events and operating performance as of the date of
this news release. Such information involves significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking information,
including, without limitation: the risk that the Court does not
approve of the Application; the risk that any additional
distribution will be less than anticipated; and the risk that the
timing of any additional distribution or WEQ's dissolution will be
further delayed. Should any of the foregoing risks materialize, or
should assumptions underlying the forward-looking information prove
incorrect, actual results, performance, activities or achievements
could vary materially from those expressed or implied by any
forward-looking information contained in this news release. Readers
are cautioned that the foregoing list of risks is not exhaustive.
Additional information on these and other risk factors that could
affect WEQ can be found under "Risk Factors" in its Annual
Information Form dated March 27,
2018, its Information Circular dated October 26, 2018 and its Management's Discussion
& Analysis dated November 6,
2018, all of which are available on SEDAR at
www.sedar.com.
The forward-looking information contained herein is expressly
qualified in its entirety by this cautionary statement.
Forward-looking information reflects WEQ's current beliefs and is
based on information currently available to it. The forward-looking
information is made as of the date of this news release and WEQ
assumes no obligation to update or revise such information to
reflect new events or circumstances, except as may be required by
applicable law.
Additional Information
Additional information relating to WEQ and other public filings,
is available on SEDAR at www.sedar.com or on WEQ's website at
www.weq.ca or on The Bowra Group Inc.'s website at
www.bowragroup.com.
SOURCE WEQ Holdings Inc.