NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES
TORONTO, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Yubba Capital Corp. (the "Company") is pleased to announce that it has filed with the relevant Canadian securities administrators a final non-offering prospectus in connection with its previously announced business combination (the "Business Combination") in its news releases of December 1, 2022 and April 20, 2023, with Impact Housing Corporation, a company existing under the laws of the Commonwealth of the Bahamas (“IHC Bahamas”), which is the parent company of Impact Housing Corporation, a company existing under the laws of the Republic of Panama ("IHC"). Upon completion of the Business Combination, the Company is expected to be renamed Impact Development Group Inc. (the "Resulting Issuer").
The Business Combination is expected to close on or about October 31, 2023. The Company has received conditional approval to list the Resulting Issuer's common shares on the TSX Venture Exchange (the "Exchange") in connection with the completion of the Business Combination. Subject to the final approval of the Exchange, the Company expects that trading of the Resulting Issuer's common shares will commence in the first week of November, 2023.
IHC is a Panamanian based real estate developer, incorporated under the laws of the Republic of Panama on February 15, 2017, that provides affordable housing supported by a longstanding subsidized government program with multiple product offerings. The principal business of IHC is to build and develop affordable and high quality subsidized houses and in the Republic of Panama to support the middle class market. The vision of IHC is effectuated by a vertically integrated model which coordinates all services necessary to develop high-quality residential and commercial buildings; including but not limited to land acquisition, financing, architectural, engineering, off-site manufacturing, general contracting, property management, and administration. IHC is incorporated under the laws of the Republic of Panama.
For further information contact:
Yubba Capital Corp.
Jason Smart
Chief Executive Officer
yubbacapital@gmail.com
Impact Housing Corporation
Thomas Wenz
Executive Director
twenz@ihcpanama.com
The Exchange has in no way passed upon the merits of the Business Combination and has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Investors are cautioned that, except as disclosed in the principal listing document to be prepared in connection with the Business Combination, any information released or received with respect to the Business Combination may not be accurate or complete and should not be relied upon.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN ANY JURISDICTION IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.
Notice on forward-looking statements:
This press release includes forward-looking information within the meaning of Canadian securities laws regarding the Company, IHC, IHC Bahamas and their respective businesses, which may include, but are not limited to, statements with respect to the completion of the Business Combination, the terms on which the Business Combination is intended to be completed, the ability to obtain regulatory and securityholder approvals, including final listing approval of the Exchange. Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of each entity, and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward- looking events and circumstances discussed in this press release, including completion of the Business Combination (and the terms upon which the Business Combination is proposed to be completed), may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the industry, market conditions, economic factors, management's ability to manage and to operate the business of the Resulting Issuer and the equity markets generally. Although the Company, IHC Bahamas and IHC have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company, IHC Bahamas and IHC undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter.
