 |
 |
 |
 |
 |
 |
 |
 |
 |
|
 |
|
 |
|
 |
|
 |
September 16, 1998
CPI PLASTICS GROUP LIMITED / WATERFORD CAPITAL MANAGEMENT INC.
TORONTO, ONTARIO - CPI Plastics Group Limited ("CPI") and Waterford Capital Management Inc. ("Waterford") announced today that the previously announced Plan of Arrangement involving CPI, Waterford, and 1304629 Ontario Inc. ("1304629") was approved by the holders of common shares of Waterford on September 9, 1998 and by the Ontario Court (General Division) on September 15, 1998.
CPI, Waterford and 1304629 intend to file Articles of Arrangement under the Ontario Business Corporations Act so that the reverse take-over by CPI of Waterford is expected to be effective and completed on September 21, 1998.
With the approval of the Toronto Stock Exchange, expected later this week, it is anticipated that the common shares of Waterford which currently trade on the TSE will be delisted at the close of business on Friday September 18, 1998 and the Subordinate Voting Shares of CPI will be listed and commence trading on the TSE under the trading symbol CPI.B at the opening of trading on Monday September 21, 1998.
Mr. Peter Clark, the President and controlling shareholder of CPI, said "The combination of CPI and Waterford will provide the shareholders of Waterford with growth opportunity in the plastics industry and a unique opportunity for CPI to become a listed TSE public company with a significant shareholder base".
CPI is a North American leader in designing, engineering and manufacturing thermoplastic extrusions such as decorative trim and functional parts for a variety of industries including automotive OEM and appliance manufacturers. Through a joint venture with Extrudawood International of Great Britain, in which CPI has a 70% interest, CPI produces extruded plastic wood know as "Extrudawood" for the North American market.