Sparta Announces Annual General Meeting Results and Issuance of Shares for Debt
Calgary, Alberta CANADA, April 26, 2013 /FSC/ - Sparta Capital Ltd. (SAY - TSX Venture),(the "Corporation" or "Sparta") (TSXV: SAY) is pleased to announce that it is moving forward with a strong board of directors who will help steer the Corporation's vision of fuel savings and environmental preservation. The Corporation announces that the board of directors of Sparta now consists of Tom Brown, Raymond G. Harris, John O?Bireck, Raymond Ludwig and Charles Burgess.
At the annual and special meeting of the shareholders of the Corporation held April 19, 2013, the following resolutions were also approved:
(a) The fixing of the number of directors of the Corporation at five (5)
(b) The appointment of Kenway Mack Slusarchuck Stewart LLP, Chartered Accountants as the auditors of the Corporation for the ensuing year
(c) The ratification of the Corporation?s stock option plan
The Corporation has also announced, subject to approval of the TSX Venture Exchange Inc. (the "Exchange"), that it intends to issue 75,000 common shares in the capital of the Corporation ("Common Share") at a deemed price of $0.05 per Common Share for payment of outstanding debt of $21,671.11 owing to a unsecured creditor of the Corporation. The Common Shares issued have a hold period of four months from the date of issuance in accordance with applicable securities legislation.
About Sparta
Sparta is in the commercialization stage of a fuel savings and emission reduction product, the AddecoTech Precision Fuel Additive Injector - Model SS10L (the "Product"). Sparta acquired the world-wide right to manufacture and distribute the Product in December 2009. Thereafter, Sparta completed product development and obtained third party product safety certification. The Product was developed for commercial distribution as a means to automate the process of adding fuel additive into the fuel tank of diesel engines at each refueling. Further information about the Product may be obtained at www.addecotech.com.
For information related to Sparta, please contact:
Tom Brown, President, CEO
Telephone: (855) 539-1946 Ext 99
tombrown.sk@gmail.com
Reader Advisory
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Corporation's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the projected use of the proceeds of the Offering by the Corporation. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of this press release and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
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. Not for distribution to U.S. news wire services or dissemination in the United States.
To view this press release as a PDF, please click on the following link:
http://www.usetdas.com/pr/spartaPR04262013.pdf
Source: Sparta Capital Ltd. (TSXV SAY) www.spartacapital.com
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