VANCOUVER, British Columbia, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Peter Wall, of 1010 Burrard Street, Vancouver, British Columbia V6Z 2R9, today announced that he has agreed to acquire indirect ownership of 6,500,000 common shares (“Common Shares”) of Wall Financial Corporation (“Wall Financial”), a company with a head office at 1010 Burrard Street, Vancouver, British Columbia V6Z 2R9, at a purchase price of CDN$9.963 per Common Share for an aggregate purchase price of CDN$64,756,906.65. The acquisition is expected to close on or about November 11, 2022. Prior to the acquisition, Mr. Wall had control or direction over the 6,500,000 Common Shares. As a result of the acquisition, there will be no increase in the total number of issued and outstanding Common Shares held or controlled by Mr. Wall. Mr. Wall will continue to own, directly or indirectly, or exercise control or direction over 17,927,762 Common Shares, representing approximately 55.24% of the total number of issued and outstanding Common Shares at the date hereof. Since the filing of his last early warning report, Mr. Wall’s ownership percentage has increased by 2.07% as a result of issuer actions that resulted in a decrease to Wall Financial’s outstanding securities. Mr. Wall will acquire ownership of the 6,500,000 Common Shares indirectly through a private transaction made in reliance on the private agreement exemption set out in section 4.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids. Mr. Wall’s acquisition is being made for investment purposes. In accordance with applicable securities laws, Mr. Wall may, from time to time and at any time, acquire additional shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of Wall Financial in the open market or otherwise, and reserves the right to dispose of any or all of his Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Wall Financial and other relevant factors.