[ACCESSWIRE]
TORONTO, ON / ACCESSWIRE / November 17, 2015 / A.C. Simmonds and Sons Inc., (OTCPK:ACSX) announced today it has
acquired, through a transfer of shares and assumption of debt, an equity
position in CardioGenics Holdings
Inc. A.C. Simmonds and Sons agreed to acquire a convertible debenture
in the amount of $10,000,000 CDN (Ten Million Canadian Dollars) of CardioGenics
Holdings Inc. (OTCQB:CGNH) and 15,000,000 common shares of CGNH and
10,000,000 cashless warrants at a strike price of $0.50 USD.
A.C. Simmonds and Sons has agreed to issue a convertible debenture in
the amount of $10,000,000 USD and 15,000,000 common shares of ACSX to
2072906 Ontario Limited or its assignees.
This will give A.C. Simmonds and Sons a significant position in Cardiogenics Holdings Inc. as well as an investment in the CardioGenics/Plasticap business going forward.
In addition, A.C. Simmonds and Sons will be releasing its required
filings for 2014 in conjunction with its annual fiscal filings to bring
the company to current status.
A.C. Simmonds and Sons will also announce additional transactions
over the next few weeks and update the website to reflect these various
transactions.
About A. C. Simmonds and Sons
A.C. Simmonds and Sons, with lineage through its management team to
97 years of business experience, is a Canadian based company with
interests across North America and a growing international presence. The
Company is focused on acquiring profitable businesses for expansion and
development in four growth sectors: international food, waste
management, healthcare and leisure.
John G. Simmonds, Chairman and CEO co-founded the largest Canadian golf
course operation and has successfully established and grown companies
and built effective teams. Mr. Simmonds has served as chairman and board
director of several public companies. www.acsimmondsandsons.com
Forward-looking Statements
Note: This press release contains "forward looking statements" as
defined in the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on currently available competitive,
financial and economic data and management's views and assumptions
regarding future events. Such forward-looking statements are inherently
uncertain. The Company cannot provide assurances that the matters
described in this press release will be successfully completed or that
the company will realize the anticipated benefits of any transaction.
Actual results may differ materially from those projected as a result of
certain risks and uncertainties, including but not limited to: global
economic and market conditions; the war on terrorism and the potential
for war or other hostilities in other parts of the world; the
availability of financing and lines of credit; successful integration of
acquired or merged businesses; changes in interest rates; management's
ability to forecast revenues and control expenses, especially on a
quarterly basis; unexpected decline in revenues without a corresponding
and timely slowdown in expense growth; the company's ability to retain
key management and employees; intense competition and the company's
ability to meet demand at competitive prices and to continue to
introduce new products and new versions of existing products that keep
pace with technological developments, satisfy increasingly sophisticated
customer requirements and achieve market acceptance; relationships with
significant suppliers and customers; as well as other risks and
uncertainties, including but not limited to those detailed from time to
time in the Company's SEC filings. The Company undertakes no obligation
to update information contained in this release. For further information
regarding risks and uncertainties associated with the Company's
business, please refer to the risks and uncertainties detailed from time
to time in the Company's SEC filings.
This release does not constitute an offer for sale of securities.
Contact Information
A.C. Simmonds and Sons Inc.
Don Fenton - Director of Communications
416-434-3681
[email protected]
SOURCE: A.C. Simmonds and Sons Inc.
