Attached files
| file | filename |
|---|---|
| 8-K - Heritage Global Inc. | v205426_8k.htm |
| EX-10.1 - Heritage Global Inc. | v205426_ex10-1.htm |
| EX-10.2 - Heritage Global Inc. | v205426_ex10-2.htm |
Exhibit
99.1
FOR
IMMEDIATE RELEASE
C2
ACQUIRES MINORITY INTEREST IN COUNSEL RB CAPITAL LLC
C2
TO CHANGE NAME TO COUNSEL RB CAPITAL INC.
TORONTO, CANADA, DECEMBER 13, 2010
– C2 Global Technologies Inc. (“C2” or the “Company”) (OTCBB: COBT) today
announced that it has acquired the 25% interest in its asset liquidation
subsidiary, Counsel RB Capital LLC (“Counsel RB”), owned by Counsel RB’s Co-CEOs
Jonathan and Adam Reich.
C2 is
issuing a total of 3,242,000 common shares in exchange for the minority interest
in Counsel RB, which now becomes a wholly-owned subsidiary of the Company. The
acquisition price represents approximately 12.5%, post-issuance, of the
Company’s outstanding common shares.
Since
commencing operations in the second quarter of 2009, Counsel RB has generated
all of C2’s revenue and has established itself as a major participant in the
North American asset liquidation sector. Consequently, C2’s Board of Directors
has approved a proposal to change the Company’s name to Counsel RB Capital Inc.
The proposal was approved pursuant to the written consent of a majority of the
Company’s shareholders, without a meeting, as permitted by Florida law and the
Company’s articles and by-laws. An Information Statement will be sent to
shareholders regarding the proposal, which is expected to become effective on or
after January 9, 2011.
“We
are very excited about the prospects for our asset liquidation business” said
Allan Silber, Chairman of C2 and C2’s parent, Counsel Corporation (TSX:
CXS). “The business has exceeded expectations to date and we plan to
allocate more energy and resources to building this important operating
segment”.
About
C2 Global Technologies Inc.
C2
operates in two business segments: asset liquidation and patent
licensing. C2’s asset liquidation business acquires and disposes of
distressed and surplus assets. C2’s patent licensing business
develops and licenses its patents, which include two foundational patents in
VoIP technology. In addition, C2 owns approximately 5% of Polaroid
Corporation. For further information, please visit C2’s website at www.c2global.com.
About
Counsel RB Capital LLC
Counsel
RB LLC specializes in the acquisition and disposition of distressed and surplus
assets throughout the United States and Canada, including industrial machinery
and equipment, real estate, inventories, accounts receivables and distressed
debt. In addition to purchasing various types of assets, Counsel RB also
arranges traditional asset disposition services such as on-site and webcast
auctions, liquidations and negotiated sales. For further information, please
visit “Businesses” at Counsel Corporation’s website at www.counselcorp.com.
Forward-Looking
Statements
This release contains certain
“forward-looking statements” within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Exchange Act, as amended, that
are based on management’s exercise of business judgment as well as assumptions
made by, and information currently available to, management. When
used in this document, the words “may”, “will”, “anticipate”, “believe”,
“estimate”, “expect”, “intend”, and words of similar import, are intended to
identify any forward-looking statements. You should not place undue
reliance on these forward-looking statements. These statements
reflect our current view of future events and are subject to certain risks and
uncertainties as noted in our securities and other regulatory
filings. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, our actual
results could differ materially from those anticipated in these forward-looking
statements. We undertake no obligation, and do
not intend, to update, revise or otherwise publicly release any revisions to
these forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of any unanticipated
events. Although we believe that our
expectations are based on reasonable assumptions, we can give no assurance that
our expectations will materialize. Many factors could cause actual
results to differ materially from our forward-looking
statements.
Contact:
Stephen
A. Weintraub
Executive
Vice President, Secretary & CFO
sweintraub@c2global.com
(416)
866-3058