Crosswinds Holdings Inc. Announces Distribution to Shareholders and Management Change
TORONTO, Nov. 28, 2019 (GLOBE NEWSWIRE) — Crosswinds Holdings Inc. (“Crosswinds” or the “Company”) today announced a cash distribution of $0.10 per common share of the Company, which will be paid on December 18, 2019 to shareholders of record as at December 17, 2019.Further to the Company’s previously announced plans to distribute all of its available capital, Crosswinds announced that it has given working notice of termination to Susan McCormick, its interim Chief Financial Officer, and as a result, her departure will be effective December 31, 2019. The board of directors also agreed to reduce its total compensation subsequent to November 15, 2019 to US $28,000 through to the final distribution and wind-up of the Company, of which US $14,000 is expected to be recovered from a private counterparty under a previously announced binding letter of intent.
Caution Regarding Forward-Looking Information
This release includes certain forward-looking statements within the meaning of applicable securities laws, including statements regarding anticipated distributions to the Company’s shareholders. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue” or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors in the Company’s most recent Annual Information Form, in the Management’s Discussion and Analysis for the year ended December 31, 2018 and in our other filings with Canadian securities regulators. Additional important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, tax related matters, the ability of the Company to execute its strategies from time to time, the ability to make distributions to shareholders, and the receipt of any regulatory approvals or consents required from time to time.