Prodigy Ventures Inc. Announces Special Meeting
TORONTO, Jan. 23, 2023 /CNW/ – Prodigy Ventures Inc. (TSXV: PGV) (“Prodigy” or the “Company”) today announced that it has called a special meeting of shareholders to be held at 1:00 p.m. (Toronto time) on March 8, 2023 (the “Meeting”). At the Meeting, Shareholders will be asked to consider and, if thought advisable, pass a special resolution authorizing and approving a reduction of the stated capital account of the Company’s common shares (the “Stated Capital Reduction Resolution”) for the purposes of effecting a return of capital to shareholders.
The Stated Capital Reduction is being proposed in connection with a potential distribution to be made by the Company in the amount of $0.041 per share to be paid from the net proceeds of the consideration received from the sale of TCB Corporation (see press release dated January 18, 2023). Further details regarding the potential distribution and the approval being sought will be set forth in the meeting materials to be provided to shareholders in early February and filed on www.sedar.com at the same time.
If the Stated Capital Reduction Resolution is approved the board of directors will then make a determination with respect to proceeding with the proposed distribution and the amount thereof. No determination has yet been made as to whether to pay this distribution, the amount of the distribution or the record date for the distribution and as such there is no assurance that such distribution will be declared in the amount currently proposed or at all or the timing thereof.
Assuming that the Stated Capital Reduction Resolution is approved the Company will then issue a further press release with details of any distribution if, as and when approved by the board of directors.
About Prodigy Ventures Inc.
Prodigy delivers Fintech innovation. The Company provides leading edge platforms, including IDVerifact™ for digital identity, and tunl.™ for open banking and customer chat support, coupled with seamless integration of our partners best-of-breed Fintech platforms.
Forward-Looking and Cautionary Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. Such forward looking information includes references to the proposed distribution/return of capital and the amount thereof. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. The assumptions on which the foregoing statements are based include a review of the cash needs of the Company and the receipt of all approvals necessary to reduce the stated capital. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company’s Management’s Discussion and Analysis for the three and nine months ended September 30, 2022, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
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 Prodigy Ventures Inc.
For further information: PRODIGY VENTURES INC., Andrew Hilton, Chief Financial Officer, [email protected], 416-606-8833