VANCOUVER, British Columbia, Oct. 03, 2017 (GLOBE NEWSWIRE) -- SIQ Mountain Industries Inc. (formerly: SnoBro Enterprises Inc.) (“SIQ” or the “Company”) (TSX-V:SIQ). Further to the Company’s press release dated June 7, 2017 regarding the Company’s acquisition of the snow-bike technology from Gautier Arcouette (the “Qualifying Transaction”) the Company is pleased to announce the closing of the Qualifying Transaction. The closing involved the issuance of 300,000 shares of the Company to Mr. Arcouette, which were issued into escrow and the transfer of intellectual property rights to the snow-bike technology, including patent applications, know-how, design and drawings from Mr. Arcouette to the Company. Mr. Arcouette may earn an additional 1,700,000 shares of the Company upon the Company meeting certain milestones.
In conjunction with the closing of the Qualifying Transaction, the Company changed its name from Snobro Enterprises Inc. to SIQ Mountain Industries, Inc. On October 5, 2017, the common shares of the Company will resume trading on the TSX Venture Exchange under the trading symbol “SIQ”. The Company will be classified as an industrial issuer.
The Company has filed a Filing Statement on SEDAR which sets out the full details of the Qualifying Transaction and the agreement whereby the Company purchased the snow-bike technology. The Filing Statement is available under the Company’s profile on www.sedar.com.
The Company intends to start its business immediately with its production facilities to be based in Kelowna, British Columbia, the geographic centre of a number of British Columbia ski resorts, utilizing funds that the Company raised in its Initial Public Offering in March, 2017. Mr. Arcouette will move to Kelowna and will work full time on the business of the Company.
ON BEHALF OF THE BOARD
| “Peter Hughes” |
| Peter Hughes |
THE TSX VENTURE EXCHANGE HAS IN NO WAY PASSED UPON THE MERITS OF THE PROPOSED TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE.
For further information, please contact:
Peter Hughes
Telephone: 604-802-7372
Email: petehughes@me.com