SYLVAN LAKE, AB, Dec. 9, 2014 /CNW/ - SSP Offshore Inc. (the
"Corporation") today announced that it has applied to the TSXV for
voluntary de-listing of the common shares of the Corporation on the
TSXV at the close of business on December
12, 2014. After the shares of the Corporation have
been de-listed, no further transfers of shares will be processed by
the transfer agent of the Corporation.
The voluntary de-listing on the TSXV is being pursued as part of
the Corporation's plan to be in a position to file final Articles
of Dissolution during the month of December 2014. Subsequent
to the filing of the Articles of Dissolution, the Corporation plans
to forthwith prepare and file a terminal tax return with the Canada
Revenue Agency for the stub-year up to the date of formal
dissolution. The Corporation will also contemporaneously
apply to the CRA for a Tax Clearance Certificate relating to the
transaction which resulted in the sale of all of the Corporation's
business assets effective September
10, 2014. The CRA has advised that they will not
review for any application by the Corporation for a Tax Clearance
Certificate until the Corporation has been formally dissolved and
the terminal tax return has been filed.
Once the Corporation has received a Tax Clearance Certificate
from the CRA and has collected the proceeds of the promissory note
from the purchaser of its assets (which note is due on March 10, 2015), all remaining funds of the
Corporation after payment of final expenses will be distributed to
the shareholders of the Corporation on a pro rata basis by
the Corporation's transfer agent. Timing of the final
distribution is unknown given the uncertainty of the timing of
receipt of the Tax Clearance Certificate, but the Corporation is
currently anticipating the final distribution at the end of the
first quarter of fiscal 2015 or early in the second quarter of
fiscal 2015.
Also in furtherance of the winding up and dissolution process,
the Corporation is applying to the Alberta Court of Queen's Bench on December 12, 2014 to have Hardie & Kelly LLP
of Calgary, Alberta appointed as
the legal representative of the Corporation post-dissolution to
hold the remaining cash assets and make any final payments to
validated creditors of the Corporation pending ultimate
distribution to the shareholders. The quantum of the final
distribution will be dependent on the actual costs of winding up
and dissolution, but the Corporation has provided more guidance
based on the most up to date information available in its
Management's Discussion and Analysis recently filed on SEDAR for
the quarter ended September 30,
2014.
A more detailed discussion of the winding up and dissolution
process of the Corporation is contained in the Corporation's
Information Circular dated August 12,
2014 (the "Information Circular").
ABOUT SSP OFFSHORE INC.
SSP Offshore is a public company listed under the symbol "SSZ"
on the TSX Venture Exchange.
FORWARD-LOOKING STATEMENTS DISCLOSURE
Certain information provided in this press release constitutes
forward-looking statements and information within the meaning of
applicable securities laws.
In respect of the forward-looking statements and information set
out in this press release, the Corporation has provided such in
reliance on certain assumptions that they believe are reasonable at
this time. The anticipated dates provided may change for a
number of reasons. Accordingly, readers should not place undue
reliance on the forward-looking statements and information
contained in this press release.
Since forward-looking statements and information address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks.
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.
SOURCE SSP Offshore Inc.