Business
Spearhead Announces Sale of Subsidiary
Spearhead Announces Sale of Subsidiary.
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[{"type":"text","content":" Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable\t{mso-style-name:\"Table Normal\";\tmso-tstyle-rowband-size:0;\tmso-tstyle-colband-size:0;\tmso-style-noshow:yes;\tmso-style-priority:99;\tmso-style-qformat:yes;\tmso-style-parent:\"\";\tmso-padding-alt:0pt 5.4pt 0pt 5.4pt;\tmso-para-margin:0pt;\tmso-para-margin-bottom:.0001pt;\tmso-pagination:widow-orphan;\tfont-size:11.0pt;\tfont-family:\"Calibri\",\"sans-serif\";\tmso-ascii-font-family:Calibri;\tmso-ascii-theme-font:minor-latin;\tmso-fareast-font-family:\"Times New Roman\";\tmso-fareast-theme-font:minor-fareast;\tmso-hansi-font-family:Calibri;\tmso-hansi-theme-font:minor-latin;\tmso-bidi-font-family:\"Times New Roman\";\tmso-bidi-theme-font:minor-bidi;}For immediate release; Ottawa, Canada, April 6, 2010.Ottawa, Canada—Spearhead Limited, Inc. (Pink OTC:SPHE) today announced that it has completed the sale of 100% of all the issuedand outstanding shares of its wholly own operating subsidiary, SpearheadManagement Canada Limited (the “Company”) to Donald Powell, Chairman of ThePowell Group, (the “Transaction”). The Company was the only operatingsubsidiary of SPHE. The Board of Directors of SPHE (the “Board”) votedunanimously in favor of the transaction. The Chairman of SPHE directly andthrough proxy agreements which represented in excess of the required minimumvotes to effectuate the Transaction, voted in favor of the Transaction.After careful deliberation on the current state ofaffairs of the Company, the market conditions where the Company operates andthe future requirement to sustain the Company, the Board decided to seekguidance with professional advisors to review strategic alternatives for the Company’sfuture development. The conclusions were that a new fin...