Global Railway Industries Ltd. Declares Interim Distribution of $0.40 per Common Share
26 April 2012 - 6:10PM
PR Newswire (Canada)
Stock Symbol: GBI.H Listing: NEX Outstanding Shares: 15.3 Million
Web Site: www.globalrailway.com LACHINE, QC, April 26, 2012 /CNW/ -
Global Railway Industries Ltd. (GBI.H:NEX): Global Railway
Industries Ltd., www.globalrailway.com, announced today that its
board of directors has declared an interim distribution to
shareholders of $0.40 per common share in connection with the
wind-up of Global. The distribution will be made as a return
of capital to shareholders of record on May 7, 2012. The
distribution will be payable on May 14, 2012. The wind-up of Global
was approved by shareholders at the special meeting held on August
30, 2011 and by the board of directors on October 13, 2011.
On November 2, 2011, Global paid an initial distribution to
shareholders of $1.00 per common share. As previously
announced, Global intends to distribute the remainder of its
available cash, if any, to shareholders in one or more further
instalments as its liabilities and contingent obligations are
settled. The amount and timing of any future distributions
have yet to be determined. Shareholders of Global should consult
with their tax advisors as to the tax consequences of the
distribution that will be made on May 14, 2012, as well as any
subsequent distributions. Forward-Looking Statements: This
press release contains forward-looking information pertaining to
Global's intention to distribute the remainder of its available
cash to shareholders. The amount, if any, available for
distribution and the timing of any future distributions are subject
to substantial known and unknown risks and uncertainties, many of
which are beyond Global's control. Should one or more of
these risks or uncertainties materialize, or should assumptions
underlying the forward-looking information prove incorrect, actual
results could vary materially from those expressed or implied by
the forward-looking information. Accordingly, you should not
place undue reliance on these forward-looking statements. A
description of risk factors that may cause actual results to differ
materially from forward-looking information can be found under the
caption "Business Risks" in Global's management discussion and
analysis for the year ended December 31, 2011, which has been filed
on the SEDAR website at www.sedar.com. Any forward-looking
statements are made as of the date of this release and, other than
as required by applicable securities laws, Global does not assume
any obligation to update or revise them to reflect new events or
circumstances. About Global Railway Industries: Global
Railway Industries Ltd. is a public company whose shares are listed
for trading on the NEX Board of the TSX Venture Exchange under the
symbol "GBI.H". Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Global Railway Industries Ltd.
CONTACT: Fausto LevyPresident & CEOTel: 514-634-6224 ext.
136E-mail: flevy@cadrail.ca Ross CorcoranVice President &
CFOTel: 514-634-6224 ext. 136E-mail: rcorcoran@cadrail.ca
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