TSXV:DVO.U
All amounts in $USD.
TORONTO, July 20, 2016 /CNW/ - Delavaco Residential
Properties Corp. ("Delavaco" or the "Company") (TSXV:
DVO.U) is pleased to report that at the annual and special meeting
(the "Meeting") of shareholders of the Company held earlier
today, all director nominees were elected as directors of the
Company, as follows:
Nominee
|
Votes
"For"
|
% Votes
"For"
|
Votes
"Withheld"
|
% of Votes
"Withheld"
|
Geoffrey
Bledin
|
21,122,743
|
99.77%
|
48,725
|
0.23%
|
Eli
Dadouch
|
21,122,743
|
99.77%
|
48,725
|
0.23%
|
Romeo De
Gasperis
|
21,109,743
|
99.71%
|
61,725
|
0.29%
|
Pat Di
Capo
|
21,103,743
|
99.68%
|
67,725
|
0.32%
|
Robert
Janson
|
21,122,743
|
99.77%
|
48,725
|
0.23%
|
Sandy
Poklar
|
21,122,743
|
99.77%
|
48,725
|
0.23%
|
Keith L.
Ray
|
21,128,743
|
99.80%
|
42,725
|
0.20%
|
Scott
Reid
|
21,122,743
|
99.77%
|
48,725
|
0.23%
|
Howard
Smuschkowitz
|
21,122,743
|
99.77%
|
48,725
|
0.23%
|
In addition, all other items including: (i) re-appointment of
auditors; (ii) re-approval of stock option plan; (iii) name change
to 'Firm Capital American Realty Partners Corp.; (iv) share
consolidation; and (v) change in senior management team were also
approved, the details of which are contained in the Report on
Voting Results regarding the Meeting filed by the Company on SEDAR
at www.sedar.com. The formal name change and ticker symbol change
to 'FCA' are subject to final approval by the TSXV.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain
information in this news release constitutes forward-looking
statements under applicable securities law. Any statements that are
contained in this news release that are not statements of
historical fact may be deemed to be forward-looking statements.
Forward-looking statements are often identified by terms such as
"may", "should", "anticipate", "expect", "intend" and similar
expressions. Forward-looking statements in this news release
include, but are not limited to, statements regarding the
arrangements described above with Firm Capital, including the
property management arrangements, the Company's single family
property disposition program and Debt Restructuring, which may not
be completed within the estimated time frames specified above or at
all. In the event that such steps are not completed to the
satisfaction of Firm Capital, the rebranding, Board
restructuring and new business focus described above will likely be
subject to amendment or may not proceed, which could have a
material adverse effect upon the Company. Failure to complete the
steps described above or any delays in their implementation may
have a material adverse affect upon the business of the Company and
its market value. There is no assurance that the Company will be
able to complete the disposition of the single property disposition
portfolio at anticipated values or at all or that market conditions
will support the debt and equity raises contemplated by the
Company. Failure to achieve these objectives will have a material
and adverse effect upon the ability of the Company to complete the
announced terms of the Debt Restructuring. There is no assurance
that the implementation of the steps described above, even if
completed as described above, will increase the market value of the
Company's securities, which is subject to numerous factors beyond
the Company's control.
Forward-looking statements necessarily involve known and
unknown risks, including, without limitation, risks associated with
general economic conditions; adverse factors affecting the U.S.
real estate market generally or those specific markets in which the
Company holds properties; volatility of real estate prices;
inability to complete the Company's single family property
disposition program or Debt Restructuring in a timely manner;
inability to access sufficient capital from internal and external
sources, and/or inability to access sufficient capital on
favourable terms; industry and government regulation; changes in
legislation, income tax and regulatory matters; the ability of
Delavaco to implement its business strategies; competition;
currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not
exhaustive. Readers are further cautioned not to place undue
reliance on forward-looking statements as there can be no assurance
that the plans, intentions or expectations upon which they are
placed will occur. Such information, although considered reasonable
by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Certain financial information presented in this press release
reflect certain non-International Financial Reporting Standards
("IFRS") financial measures, which include NOI, FFO and AFFO. These
measures are commonly used by real estate investment companies as
useful metrics for measuring performance, however, they do not have
standardized meaning prescribed by IFRS and are not necessarily
comparable to similar measures presented by other real estate
investment companies. Delavaco believes that FFO and AFFO are
important measures of operating performance. The IFRS measurement
most directly comparable to AFFO is net income. These terms are
defined in Delavaco's Management Discussion and Analysis for the
Quarter Ended September 30, 2015
filed on www.sedar.com.
Neither the 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.
Additional information about Delavaco Residential Properties
Corp. is available at www.delavacoproperties.com or
www.sedar.com.
SOURCE Delavaco Residential Properties Corp