Knightswood Financial Corp.: Disposition of Subsidiary-Opus Cranberries III Financial Corp.
September 15 2010 - 12:00PM
Marketwired
Knightswood Financial Corp. (TSX VENTURE: KWF) announced today that
it has exercised its put option to sell all the shares it owns of
Opus Cranberries III Financial Corp. The effective date for this
transaction is September 30, 2010.
About Knightswood Financial Corp.
Knightswood Financial Corp. ("Knightswood") was incorporated in
1987 and operates as a merchant bank providing private entities
("Clients") with solutions to allow them to issue debentures that
are eligible for registered plans (e.g. RRSPs, TFSAs, pension
plans, etc). To assist its Clients, Knightswood establishes a
subsidiary company for each Client which allows the Client's
debenture product to be eligible for registered plans.
Once the subsidiary company is created for our Clients,
Knightswood will either own all or a majority of the voting rights
in the subsidiary company. Knightswood is not involved in the
day-to-day operations of a subsidiary company, but rather, it is
independently managed by the respective Client's management team.
In addition, Knightswood does not receive the subsidiary company's
residual returns nor does it absorb their losses. Everyone's
interests are safeguarded by a "put and call" option termination
agreement between Knightswood and the Client.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Knightswood Financial Corp. Maurice Levesque President
and Director (604) 601-5820 info@knightswoodfinancial.com