MISSISSAUGA, ON / ACCESSWIRE / May 16, 2022 / Redishred Capital Corp. (“Redishred” or the “Company“) (TSXV:KUT) announced that at an upcoming annual and special shareholder meeting to be held on May 26, 2022, the shareholders will be asked to consider, and if deemed appropriate, pass a special resolution approving an amendment to the Company’s articles of incorporation to consolidate the issued and outstanding common shares of the Company on the basis of one (1) post-consolidation common share for every five (5) pre-consolidation common shares outstanding (the “Consolidation“).
There are currently 91,212,755 common shares issued and outstanding. Following the Consolidation, there will be approximately 18,242,551 common shares issued and outstanding.
The board of directors of Redishred is of the opinion that it is in the best interests of the Company to consolidate its issued and outstanding common shares. A share consolidation could enhance their marketability for investment purposes, expand Redishred’s financing opportunities, and improve the liquidity of the common shares.
No fractional common shares will be issued as part of the Consolidation. A registered shareholder who would otherwise be entitled to a fractional share will have any such fractional share rounded up to the nearest whole share.
The Consolidation will affect all shareholders uniformly and will not affect any shareholders’ percentage interest in the Company, except to the extent that the Consolidation would otherwise result in a shareholder owning a fractional share.
The Consolidation is subject to approval by the shareholders and the TSX Venture Exchange and the effective date of the Consolidation will be announced once all approvals have been received.
Redishred will not be changing its name in conjunction with the Consolidation.
About Redishred Capital Corp.
Redishred Capital Corp. is the owner of the PROSHRED®, PROSCAN and secure e-Cycle brands, trademarks and intellectual property in the United States. Redishred digitizes, secures, shreds and recycles confidential documents and proprietary materials for thousands of customers in the United States in all industry sectors. Redishred is a pioneer in the mobile document destruction and recycling industry and has the ISO 9001:2015 certification. It is Redishred’s vision to be the ‘system of choice’ in providing digital retention, secure shredding and recycling services on a global basis. Redishred Capital Corp. grants PROSHRED and PROSCAN franchise businesses in the United States and by way of license arrangement in the Middle East. Redishred Capital Corp. also operates fourteen corporate businesses directly. The Company’s plan is to grow its business by way of both franchising and the acquisition and operation of information security businesses that generate stable and recurring cash flow through a scheduled client base, continuous paper recycling and concurrent unscheduled shredding service.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information contained in this release includes, but is not limited to: the number of post-consolidation shares which may be impacted by rounding and changes to the shares outstanding pre-consolidation; enhancement to the marketability for investment purposes, expansion of financing opportunities, and improvements to the liquidity of the common shares, all of which may be impacted by future results and market reaction.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Please refer to the risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Redishred Capital Corp. (TSXV – KUT)
Jeffrey Hasham, MBA, CPA, CA
Chief Executive Officer
Jeffrey.hasham@redishred.com
www.redishred.com
Phone: (416) 849-3469
Fax: (905) 812-9448
or,
Redishred Capital Corp. (TSXV – KUT)
Harjit Brar, CPA, CA
Senior Vice President and Chief Financial Officer
harjit.brar@redishred.com
www.redishred.com
Phone: (437) 328-6639
Fax: (905) 812-9448
Note: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: RediShred Capital Corp.
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