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BURNABY, BC, Nov. 27 /CNW/ - Canlan Ice Sports Corp. (TSX: ICE), providers of the on-ice experience to youth and adults in North America, today announced that it is proceeding with its plan to consolidate the number of its outstanding shares on the basis of 20 pre-consolidated shares for one post-consolidated share. Approved by shareholders at the Company's annual and special meeting on June 18, the consolidation of shares will take effect on December 2, 2008. Following the consolidation, Canlan will have approximately 13.3 million shares outstanding and issued.
"We are proceeding with our share consolidation plan out of a position of strength," said Grant Ballantyne, President and CEO of Canlan Ice Sports Inc. "We believe that reducing our share capital to a more manageable level as well as raising our share price will help to generate more interest in our Company from the investment community, particularly in light of recent developments such as the refinancing of our long-term debt, expansion in Vineland, NJ and our record third quarter results."
Canlan will send a letter of transmittal to registered shareholders on November 28, 2008. Shareholders will be required to send their certificates representing pre-consolidated shares with a properly executed letter of transmittal to Computershare Investor Services Inc. to receive certificates representing post-consolidation shares. Beneficial holders will be issued letters of transmittal via their broker, trust company or other financial institution. Canlan will not issue any fractional post-consolidation shares.
Canlan's post-consolidated shares are expected to trade on the TSX under the symbol "ICE" beginning Tuesday December 2, 2008.
About Canlan Ice Sports Corp.
Canlan Ice Sports is the largest private sector operator of recreational ice facilities in North America, with 65 playing surfaces, including two indoor soccer centres, at 22 facilities owned and/or managed in Canada and the United States. Through the Adult Safe Hockey League, Canlan operates the largest adult recreational league in North America, with more than 55,000 players. Canlan also offers a variety of other programs, including youth leagues, hockey and figure skating academies and tournaments.
Caution concerning forward-looking statements
This document contains forward-looking statements, which may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. The Company's actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time.