Tony G Co-Investment Provides Update on Alclin Transaction

Rhea-AI Summary

Tony G Co-Investment Holdings announced updates on its transaction with Alclin Manufacturing and Alclin Proprietary, initially disclosed on November 16, 2023. The Company has acquired shares totaling $2.14 million in Alclin and Alclin Manufacturing between November 2023 and May 2024. These acquisitions are part of a broader agreement to purchase up to $5 million in shares. The most recent acquisition, on May 17, 2024, involved 32,340 shares in each company for $323,418.80. This transaction aims to solidify Tony G's investment portfolio.

Positive

• Tony G has steadily invested $2.14 million in Alclin shares, showing commitment to the transaction.
• The Company aims to purchase up to $5 million in shares, indicating a strong investment strategy.
• Acquisitions spread across a period of months show a consistent investment approach.

Negative

• Only 42.8% of the $5 million target has been reached, showing slower-than-expected progress.
• The staggered acquisition approach may indicate uncertainties or financial constraints.
• The total investment may cause significant capital outflow, impacting liquidity.

Toronto, Ontario--(Newsfile Corp. - May 17, 2024) - Tony G Co-Investment Holdings Ltd. (CSE: TONY) (the "Company") is pleased to announce it, further to its press release of November 16, 2023, the Company would like to provide an update on its arm's length transaction agreement (the "Transaction Agreement") with Alclin Manufacturing Proprietary Limited ("Alclin Manufacturing"), Alclin Proprietary Limited ("Alclin") and Christo Gustav Coetzee (the "Vendor") dated November 16, 2023, pursuant to which the Company shall acquire up to 500,000 ordinary shares in the capital of Alclin Manufacturing and 500,000 ordinary shares in the capital of Alclin for aggregate consideration of US$5,000,000 (the "Transaction").

On November 24, 2023, the Company acquired 161,710 ordinary shares in each of Alclin and Alclin Manufacturing for an aggregate purchase price of US$1,617,093.99.

On December 12, 2023, the Company acquired 20,000 ordinary shares in each of Alclin and Alclin Manufacturing for an aggregate purchase price of US$200,000.

On May 17, 2024, the Company acquired 32,340 ordinary shares in each of Alclin and Alclin Manufacturing for an aggregate purchase price of US$323,418.80.

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/209729

FAQ

What is the total value of shares Tony G Co-Investment has acquired in Alclin?

Tony G Co-Investment has acquired shares worth $2.14 million in Alclin and Alclin Manufacturing as of May 17, 2024.

When did Tony G Co-Investment start acquiring Alclin shares?

Tony G Co-Investment started acquiring Alclin shares on November 24, 2023.

How many shares did Tony G Co-Investment acquire on May 17, 2024?

Tony G Co-Investment acquired 32,340 shares in each of Alclin and Alclin Manufacturing on May 17, 2024.

What is the goal of Tony G Co-Investment's transaction with Alclin?

The goal of the transaction is to acquire up to $5 million in shares of Alclin and Alclin Manufacturing.

What is the significance of the acquisition of Alclin shares for Tony G Co-Investment?

The acquisition aims to solidify Tony G Co-Investment's investment portfolio by securing significant stakes in Alclin and Alclin Manufacturing.