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8-K - FORM 8-K - Heritage Global Inc. | form8k.htm |
EX-10.1 - EXHIBIT 10.1 - Heritage Global Inc. | exhibit10-1.htm |
Exhibit 99.1
For Immediate Release
HERITAGE GLOBAL INC. SHARES TO BE LISTED FOR TRADING ON THE CANADIAN SECURITIES EXCHANGE
TORONTO, ONTARIO, April 28, 2014 Heritage Global Inc. (Heritage Global or the Company) (OTCQB: HGBL, CSE: HGP), a leader in distressed and surplus capital assets valuations and transactions, announces that its shares will be listed and begin trading on the Canadian Securities Exchange (CSE) on Tuesday April 29, 2014 under the symbol HGP.
The CSE is a designated stock exchange pursuant to the IncomeTax Act (Canada) (the Act). Consequently, commencing April 29, 2014, the Companys shares will be a qualified investment for a registered retirement savings plan, registered retirement income fund, tax-free savings account, deferred profit sharing plan, registered education savings plan or registered disability savings plan for the purposes of the Act.
On March 20, 2014, the board of directors of Counsel Corporation (Counsel) (TSX:CXS), the Companys 73.3% owner, declared a special dividend-in-kind (the Special Dividend) of Counsels entire holding of 20,644,481 common shares of Heritage Global. The Special Dividend will be paid on or about April 30, 2014 to shareholders of record as at April 1, 2014. As the majority of Counsels shareholders are located in Canada, listing on the CSE is expected to enhance the liquidity of the shares they receive.
We are very pleased to have Heritage Globals shares listed on the CSE, said Allan Silber, Chairman of Heritage Global and Counsel. We have been able to deliver value to Counsels shareholders while also enabling us to move towards a single focus on our financial services business.
About Heritage Global Inc. (www.heritageglobalinc.com)
Heritage
Global Inc. (OTCQB: HGBL, CSE:HGP) is a value-driven, innovative leader in
distressed and surplus capital assets valuations and transactions. The Company
focuses on identifying, valuing, acquiring and monetizing distressed and surplus
capital assets in twenty-five global manufacturing and technology sectors.
It specializes in both acting as an advisor as well as acquiring turnkey
manufacturing facilities, surplus industrial machinery and equipment, industrial
inventories, accounts receivable portfolios and related intellectual property.
About Counsel Corporation (www.counselcorp.com)
Counsel Corporation (TSX: CXS) is a financial services company operating
in residential mortgage lending through its wholly owned subsidiary Street
Capital Financial Corporation, one of the largest non-bank mortgage lenders in
Canada.
Forward-Looking Statements
The statements made in
this release that are not historical facts contain forward-looking information
that involves risks and uncertainties. All statements, other than statements of
historical facts, which address the Company's expectations, including those
relating to the Special Dividend and the listing of Heritage Shares on the CSE,
should be considered as forward-looking statements. Such statements are based on
knowledge of the environment in which the Company currently operates, but
because of the factors listed herein, as well as other factors beyond the
Company's control, actual results may differ materially from the expectations
expressed in the forward-looking statements. Important factors that may cause
actual results to differ from anticipated results include, but are not limited
to, obtaining necessary approvals and other risks detailed from time to time in
the Company's securities and other regulatory filings.
For further information, please contact:
Stephen A. Weintraub | Renée Lam |
Executive Vice President, Secretary & CFO | TMX Equicom |
sweintraub@counselcorp.com or 416/866-3058 | rlam@ttmxequicom.com, or 416-815-0700, ext. 258 |