Innovate Building Systems, Inc. Announces Acquisition of Major Alberta Modular Building Company
05 June 2014 - 11:00PM
Business Wire
Innovate Building Systems, Inc. (OTCBB:INBD) (the
“Company”) is pleased to announce that it has entered into a
definitive agreement to acquire 100% of the issued and outstanding
shares of Innovate Building Systems, Inc., an Edmonton, Alberta
corporation (“Innovate”), effective June 4, 2014, for total share
consideration of 73 million shares of INBD. The shares have been
placed in escrow until completion of the two year audit of
Innovate.
This agreement replaces the prior agreement dated May 1, 2014
which called for 96 million shares of INBD to be issued as part of
the transaction. The May 1, 2014 agreement was announced cancelled
on June 4, 2014.
The current President of Innovate, Mr. Kevin Grady will remain
as president and will become a director and the largest shareholder
of INBD.
Innovate is in the business of constructing modular building
structures to provide premium living conditions primarily for major
oil companies in northern Canada. Innovate also builds modular
units for multi-residential construction.
For further information about Innovate, please visit the web
site at www.get-innovate.com or call us at
587-773-7733.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements relate to future events or to future
financial performance and involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance, or achievements to be materially
different from any future results, levels of activity, performance,
or achievements expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements by the use of words such as "may," "could," "expect,"
"intend," "plan," "seek," "anticipate," "believe," "estimate,"
"predict," "potential," or "continue," or the negative of these
terms or other comparable terminology. You should not place undue
reliance on forward-looking statements because they involve known
and unknown risks, uncertainties and other factors that are, in
some cases, beyond our control and that could materially affect
actual results, levels of activity, performance, or
achievements.
Other factors that could materially affect actual results,
levels of activity, performance or achievements can be found in
INBD's Annual Report on Form 10-K for the fiscal year ended
December 31, 2013 filed with the Securities and Exchange Commission
("SEC") and in quarterly reports on Form 10-Q and current reports
on Form 8-K filed with the SEC, and may also include the risks and
uncertainties associated with a failure to consummate or a delay in
the consummation of the proposed transaction, including as a result
of a failure to satisfy the conditions to closing in a timely
manner or at all. If any of these risks or uncertainties
materialize, or if our underlying assumptions prove to be
incorrect, actual results may vary significantly from what INBD
projected. Any forward-looking statement in this release reflects
INBD’s current views with respect to future events and is subject
to these and other risks, uncertainties and assumptions relating to
INBD's operations, results of operations, growth strategy and
liquidity. INBD assumes no obligation to publicly update or revise
these forward-looking statements for any reason, whether as a
result of new information, future events, or otherwise, except as
required by law.
Innovate Building Systems, Inc.David Alexander, 778-772-8184
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