TORONTO, Aug. 5, 2021 /CNW/ - Hope Well Capital
Corp.* ("HWCC" or the "Company") (TSXV: HOPE.P), a
capital pool company pursuant to Policy 2.4 of the TSX Venture
Exchange (the "TSXV"), is pleased to announce the voting
results of its annual and special meeting of shareholders held on
July 8, 2021 virtually via zoom
conference (the "Meeting"). In addition to the election of
directors, the appointment of auditors and the re-approval of the
Company's stock option plan, shareholders approved certain matters
which are conditional on completion of the Company's previously
announced proposed qualifying transaction (the "Proposed
Qualifying Transaction") with Forward Water Technologies Inc.
("FWT"), as further described in the Company's press
releases of February 9, April 13, June 3,
June 4 and July 26, 2021, including: (i) the election of a
new board of directors to hold office following completion of the
Proposed Qualifying Transaction; (ii) the appointment of a new
auditor following completion of the Proposed Qualifying
Transaction; (iii) the change of the name of the Company to
"Forward Water Technologies Corp."; and (iv) the adoption of a new
stock option plan to take effect upon completion of the Proposed
Qualifying Transaction.
In addition, in accordance with the changes announced by the
TSXV to its Capital Pool Company program and changes to the TSXV's
Policy 2.4 – Capital Pool Companies, which came into effect
as of January 1, 2021 (the "New
CPC Policy"), the Company obtained the requisite approval of
disinterested shareholders of the Company for the following
matters: (i) to remove the consequences of failing to complete a
Qualifying Transaction (as defined in Policy 2.4 of the TSXV)
within 24 months of the Company's date of listing on the TSXV; and
(ii) to amend the escrow release conditions and certain other
provisions of the Company's escrow agreement. All matters submitted
to shareholders of the Company for approval at the Meeting are more
particularly described in the Company's management information
circulated dated June 8, 2021 (the
"Circular"). Please refer to the Circular for further
details with respect to the amendments associated with the New CPC
Policy.
The Company continues to work with FWT to seek conditional
approval from the TSXV for the Proposed Qualifying Transaction with
FWT and will update the shareholders in subsequent press releases
at the appropriate time.
About the Company
The Company is a CPC within the meaning of the policies of the
TSXV that has not commenced commercial operations and has no assets
other than cash. Except as specifically contemplated in the CPC
policies of the TSXV, until the completion of its Qualifying
Transaction, the Company will not carry on business, other than the
identification and evaluation of companies, business or assets with
a view to completing a proposed Qualifying Transaction. Investors
are cautioned that trading in the securities of a CPC is considered
highly speculative.
The TSXV has neither approved nor disapproved the contents of
this news release. Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
Forward-Looking Information
This news release
contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking
information includes, but is not limited to, the approval of
disinterested shareholders of matters under the New CPC Policy at
the general and special shareholder meeting and the future business
of the Company. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "is expected", "expects" or "does not expect", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", "believes", or variations of such words and
phrases; or terms that state that certain actions, events, or
results "may", "could", "would", "might", or "will be taken",
"could occur", or "be achieved". Forward-looking information is
based on the opinions and estimates of management at the date the
information is made, and is based on, a number of assumptions and
is subject to known and unknown risks, uncertainties and other
factors, including but not limited to the timing of obtaining the
necessary approvals of the shareholders and the TSXV.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated, or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
*Hope Well Capital Corp. is in no way affiliated with or related
to Hopewell Capital Corporation, a separate pre-existing business
purportedly engaged in the field of venture capital across
Canada, or the Hopewell Group of
Companies' multi-faceted real estate and logistics group.
SOURCE Hope Well Capital Corp.