FREDERICTON, New Brunswick, Aug. 15, 2018 (GLOBE NEWSWIRE) -- Trius Investments Inc. (“Trius” or the “Company”) (TSXV: TRU) is pleased to announce that further to its press releases dated May 30, 2018, and July 30, 2018, it has closed the sale of its wholly-owned subsidiary (the “Subsidiary Sale”), TRU Investments LLC (“TRU LLC”), to PVR Holdings LLC for gross cash proceeds of US$736,495 including working capital adjustments. Net cash proceeds to Trius after payment of related transaction fees are US$711,120 (approximately CAD$930,000).
As a result of completing the Subsidiary Sale, the Company no longer has active business operations or material assets other than cash. As is customary for companies in this situation who no longer meet the ongoing listing standards of the TSX Venture Exchange (“TSXV”), effective as of a date this week to be specified in the relevant TSXV bulletin, the Company’s listing will be transferred to the NEX, a separate board of the TSXV, and the Company’s trading symbol will change from TRU to TRU.H. The Company anticipated this listing transfer, which is not expected to hinder Trius’ repositioning.
Trius now has approximately $1.6 Million in working capital and intends to explore potential strategic alternatives, and will update shareholders of any material developments. There can be no assurance that these efforts will result in a transaction being pursued, entered into or consummated.
For further information, please contact:
Joel Freudman
President and Chief Executive Officer
Trius Investments Inc.
Telephone: (647) 880-6414
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains certain forward-looking statements, including statements regarding Trius’ future plans. These statements are based on numerous assumptions believed by management to be reasonable in the circumstances, and are subject to a number of risks and uncertainties described in the Company’s continuous disclosure documents. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements herein except as required by applicable law.