CALGARY, March 20, 2012 /CNW/ - Winalta Inc. ("Winalta" or the "Company") is pleased to announce that at a special meeting of shareholders of the Company held today, the shareholders approved a special resolution reducing the stated capital account for Winalta's Class A common Shares by an amount of $37,170,162 effective as at March 31, 2012.
The $37,170,162 reduction reflects the amount of the Company's stated capital that is not represented by its realizable assets. The reduction of stated capital will be credited against the consolidated accumulated deficit of the Company. The reduction of stated capital will not otherwise affect the assets or liabilities of the Company. The reduction of stated capital will not result in any monetary or other payment to shareholders. It will not change the amount of shareholder's equity, but solely its composition.
Management of Winalta believes that the reduction of stated capital will allow the Company's balance sheet to more accurately reflect the assets, operations and strategic focus of Winalta. The reduction of stated capital and reduction of the deficit will have no impact on the day-to-day operations of the Company, or the Company's overall financial position.
Winalta Inc., operating under the trade name, Winalta Oilfield Rentals, is an oilfield service provider that specializes in portable industrial rental accommodations, remote offices and Dedicated Geo Labs; servicing the Western Canadian oil and gas Industry.
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.
Certain information set forth in this press release, including the timing of the implementation of the Company's reduction of its stated capital may constitute forward-looking statements. By their nature, forward-looking statements involve material assumptions and are subject to numerous risks and uncertainties, including with respect to market and economic conditions and their impact on the Company's business, some of which, are beyond the Company's control. Readers are cautioned not to place undue reliance on the forward-looking statements as the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and actual results, performance or outcomes could materially differ from those expressed or implied in such forward-looking statements and accordingly, no assurance can be given that any of the events anticipated by forward looking statements will transpire or occur, or if any of them do so, what benefit Winalta will derive there from. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
David Hopley, CFO
Phone: (780) 960-6900
Austin Fraser, Senior Vice President
Phone: (403) 826-5701