Business
Quinsam Opportunities I Inc. Announces Termination of Letter of Intent for Qualifying Transaction with Windward Holdings Inc. Carrying on Business as Rossiter Boats and Q3 Results
TORONTO, ON / ACCESSWIRE / November 3, 2015 / Quinsam Opportunities I Inc. (TSXV: QOP) (" QO...
About this update from Vitalhub Corp.
[{"type":"text","content":"Quinsam Opportunities I Inc. Announces Termination of Letter of Intent for Qualifying Transaction with Windward Holdings Inc. Carrying on Business as Rossiter Boats and Q3 ResultsTORONTO, ON / ACCESSWIRE / November 3, 2015 / Quinsam Opportunities I Inc. (TSXV: QOP) (\"QOP\" or the \"Company\") today announced that it has terminated its non-binding letter of intent with Windward Holdings Inc. to complete a qualifying transaction (the \"Transaction\"). The Transaction was to involve the merger of the Company with Windward Holdings Inc., carrying on business as Rossiter Boats (\"Rossiter\").\n\"Market conditions were very negative after we negotiated our letter of intent in August\" said Roger Dent, CEO of QOP. \"While markets have stabilized, demand for new small caps stories from public investors remains anemic. The market has not provided sufficient support to close the transaction to date. However, a private investor came forward and agreed to satisfy Rossiter's financial requirements without a going public transaction. While we continue to think that Rossiter would have made an excellent public company and we are very disappointed that we will not be able to proceed with the Rossiter merger, we understand that Rossiter must act in its own best interests.\"\nThe Company's common shares are expected to resume trading shortly on the TSXV under the stock symbol \"QOP.P\".\nQ3 Results\nQOP has announced its results for the quarter ending September 30, 2015. QOP's expenses in the quarter were $31,000 including approximately $10,000 in listing fees and $15,000 in legal fees on the Rossiter transaction and other matters. There were no operations in the company's comparable year earlier period. The company's cash balance remained in excess of $500,000 at the end of the quarter and remains in excess of $500,000 today.\n\"We managed our expenses very carefully during the Rossiter transaction.\" said Roger Dent, CEO of QOP. \"In current difficult markets, we knew there was a risk that the transaction could not be completed. We wanted to ensure that investors in QOP would be able to move forward largely intact.\"\nQOP has posted its Q3 results on SEDAR.\nFor further information please contact:\nJohn Lewis\n(416) 523-7086\[email protected]\nEric Szustak\n(905) 330-7948\[email protected]\nRoger Dent\n(647) 993-5475\nroger@quins...