CALGARY, ALBERTA, Jun. 25, 2010 (Marketwire) -- PERFECT FRY CORPORATION (TSX VENTURE:PNM) (the "Corporation"). Further to the Corporation's press release dated May 10, 2010, the Corporation is pleased to announce that at a special shareholders meeting held earlier today, the sale of all of the operating assets, inventory, certain contractual obligations and entitlements and all of the intellectual property (collectively the "Assets") held by Perfect Fry Company Ltd., a wholly-owned subsidiary of the Corporation, to wholly-owned subsidiary of The Middleby Corporation (NASDAQ: MIDD) was approved. The Corporation is also pleased to announce that no shareholders opposed the proposed sale of the Assets nor have any shareholders exercised their dissent rights in accordance with the Business Corporations Act (Alberta).
The Corporation anticipates that closing of the sale of the Assets in accordance with the terms of the Asset Sale Agreement (the "Agreement") entered into by the parties will be completed on or about July 6, 2010. Completion of the sale of Assets is subject to receipt of approvals from the TSX Venture Exchange ("Exchange") and satisfaction of the remaining conditions under the Agreement.
NEX Transfer
After completion of the sale of the Assets, the Corporation will cease active business operations. Accordingly, the Corporation has been advised by the Exchange that the common shares will be transferred after closing to the NEX board of the Exchange.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Corporation. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances.
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.
