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TORONTO, Nov. 14 /CNW/ - ISG Capital Corporation (TSX-V: SUS.P) (the "Corporation") is pleased to provide a revised schedule for the completion of its qualifying transaction.
At a special meeting held on September 17, 2008 the Corporation received the requisite approval of shareholders to acquire the building and lands located at 311 Ingersoll Road in Ingersoll, Ontario (the "QT Property") as its qualifying transaction (the "Qualifying Transaction"). A copy of the management information circular sent to shareholders containing details of the Qualifying Transaction and the property to be acquired is available online at www.sedar.com.
ISG has been evaluating and testing CleanTech initiatives since receiving shareholder approval for the Qualifying Transaction. A series of initiatives have been identified that will significantly reduce operating costs for the QT Property and future acquisitions. "ISG is focused on identifying opportunistic investments where we can enhance real estate values and cash flows by selectively implementing CleanTech initiatives with attractive paybacks," stated David Ogden, President and CEO of the Corporation. "Our goal is to create high performance buildings where tenants benefit from reduced occupancy costs and enhanced worker productivity; a very attractive proposition in today's challenging economic conditions."
The Corporation continues to work towards satisfying all remaining closing conditions for the Qualifying Transaction, including the previously announced private placement. The Corporation currently expects to close the Qualifying Transaction before the end of 2008.
Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and completion of the proposed private placement. There can be no assurance that the proposed Qualifying Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this press release. The TSXV does not accept responsibility for the adequacy or accuracy of this press release.