VANCOUVER, British Columbia, March 01, 2018 (GLOBE NEWSWIRE) -- Glenbriar Technologies Inc. (CSE:GTI) (the “Company”) announces that Uniserve Communications Corporation (“Uniserve”), the Company’s controlling shareholder, has entered into agreements to sell all of its shares of the Company (representing approximately 86% of the Company’s outstanding shares), to several arm’s length purchasers, in a private, off-market transaction. The transaction is expected to close on or about March 9, 2018. The Company has been advised that the purchasers are acting at arm’s length to each other and that no purchaser will own more than 10% of the outstanding shares of the Company.
Mr. Walter Schultz has indicated that he will be resigning from the Company’s board at the close of the sale. The Company intends to appoint an additional director to replace Mr. Schultz at closing. Uniserve’s decision to sell its shares of the Company was based on the now completed reorganisation of the Company, Uniserve’s shift in its core business, and Uniserve’s plan to focus on its own business opportunities. GTI is currently seeking and evaluating new business opportunities.
For further information call:
Hashim Mitha, CEO, Glenbriar Technologies Inc.
604-395-3900
hashim.mitha@uniserve.com
The CSE has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.
This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors and uncertainties, many of which are beyond Glenbriar’s control. Some of these risks and uncertainties may be described in Glenbriar’s corporate filings (posted at www.sedar.com. Glenbriar has no intention or obligation to update or revise any forward-looking statements due to new information or events.