HALIFAX, Sept. 10, 2014 /CNW/ - Aquarius Coatings Inc. (the "Corporation" or "Aquarius") (TSX-V:AQC) announces that an asset purchase agreement entered into between the Corporation and other parties on August 1, 2014 to sell the business related assets of the Corporation including Inventory, Equipment, Intellectual Property, Material Contracts and Customers Lists, as discussed in the Corporation's June 30, 2014 MD&A, closed on September 5, 2014. The transaction will be reflected in the financial statements for the quarter ending September 30, 2014 and will include provisions for severances and other related costs.
The agreement provides for the payment of a royalty to the Corporation on gross sales of the Corporation's products for a three (3) year period.
The Corporation will now proceed with the debt conversion, share consolidation and name change approved at the Annual General and Special Meeting of Shareholders held on February 17, 2014 in Halifax, NS.
Management will seek other business opportunities for the Corporation.
About the Corporation
Aquarius is a corporation existing under the laws of the Province of Ontario and is a reporting issuer in the Provinces of British Columbia, Alberta, Ontario and Nova Scotia.
Further information regarding Aquarius can be found in its public record available at www.sedar.com.
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.
The Corporation seeks Safe Harbour.
SOURCE Aquarius Coatings Inc.
Lorne MacFarlane, CFO and Secretary, (902)-496-7594, lornemac@eastlink.caCopyright CNW Group 2014