Tony G Co-Investment Holdings Announces Sale of Sportclothes

Rhea-AI Summary

Tony G Co-Investment Holdings (CSE: TONY) has announced the termination of a previously planned share transaction with Sportclothes UAB and UAB 'NTSG'. According to the termination agreement dated December 6, 2024, the Company will retain its 2,000 shares in Sportclothes, and the share exchange agreement from September 7, 2023, will not proceed.

Toronto, Ontario--(Newsfile Corp. - December 6, 2024) - Tony G Co-Investment Holdings Ltd. (CSE: TONY) (the "Company") announces that, further its press release of September 8, 2023, the Company has entered into a termination agreement (the "Agreement") dated December 6, 2024 with Sportclothes UAB ("Sportclothes") and UAB "NTSG" (the "Selling Shareholder"). In accordance with the terms of the Agreement, the Company will not be selling the 2,000 shares of Sportclothes it holds and the transactions contemplated by the share exchange agreement dated September 7, 2023, with the Selling Shareholder and Sportclothes will not be proceeding.

For more information, please contact:

Ron Akram
Chief Executive Officer
Tel: +44 786 6464 520
Email: contact@tony.holdings

This press release contains "forward-looking statements", within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Tony G Co-Investment Holdings Ltd. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.

The forward-looking statements and information in this press release include, but are not limited to the Company's intention to defend the litigation with the Fund, the Company's liability under the Debenture and the above-mentioned litigation.

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements. Such forward-looking statements, including but not limited to statements relating to the Loan and the Company's business strategy, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among others, that the litigation referred to herein will be resolved in a manner that is unfavourable to the Company (including any judgment, award or settlement of the litigation that results in the Company incurring liability, costs or expenses that, in the aggregate, exceed the share issuance costs of the Conversion Shares), the Company is required to issue shares other than the Conversion Shares or pay any amount to the plaintiff in defending, resolving, or in connection with, such litigation, and other related matters, or other factors set forth in the Company's publicly filed documents under its profiles at www.sedarplus.ca.

Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statement prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.

None of the Canadian Securities Exchange or its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232839

FAQ

What happened to Tony G Co-Investment Holdings' deal with Sportclothes UAB?

On December 6, 2024, Tony G Co-Investment Holdings announced the termination of their share exchange agreement with Sportclothes UAB and UAB 'NTSG'. The company will retain its 2,000 shares in Sportclothes.

How many shares does Tony G Co-Investment Holdings own in Sportclothes UAB?

Tony G Co-Investment Holdings owns 2,000 shares in Sportclothes UAB, which they will retain following the termination of the share exchange agreement.

When was the original share exchange agreement between Tony G Co-Investment Holdings and Sportclothes UAB signed?

The original share exchange agreement between Tony G Co-Investment Holdings and Sportclothes UAB was signed on September 7, 2023.