TORONTO, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Crosswinds Holdings Inc. (“Crosswinds” or the “Company”) (TSX: CWI) provided further details today regarding the implementation of certain steps of the previously announced plan of arrangement (the “Plan of Arrangement”) to effectively distribute its available capital (less a reasonable reserve for liabilities and contingencies) to shareholders. The Plan of Arrangement was approved by the Court of Queen’s Bench of Alberta pursuant to a final order on September 17, 2018 and by the Company’s shareholders at a special meeting held on September 12, 2018.

As previously announced, on October 29, 2018 (the “Redemption Date”) the Company will be completing the following steps of the Plan of Arrangement: (a) a split of the Company’s issued and outstanding common shares (the “Shares”) on a twenty-for-one (20-1) basis (the “Share Split”), and (b) the redemption and immediate cancellation of 95% of the Shares held following the Share Split and payment, in satisfaction thereof, of CAD $0.09573 for each post-split Share redeemed (the “Redemption Price”) (equal to CAD $1.8189 on a pre-Share Split basis).

Update Regarding Currency Election

Shareholders of Crosswinds are advised to contact their financial institution, broker or other intermediary through which they hold the Shares if they wish to receive the Redemption Price in US dollars.

For shareholders who wish to receive the Redemption Price in US dollars, their brokers must communicate that desired currency election within CDS Clearing and Depository Services Inc.’s (“CDS”) CDSX system on October 30, 2018.  For all shareholders for whom elections to receive the Redemption Price in US dollars are not made through CDS on October 30, 2018, the Redemption Price will be paid in Canadian dollars.

Update Regarding Timing of Receipt of Redemption Price

Shareholders should expect to receive the Redemption Price in their brokerage accounts on or around November 5, 2018.

Crosswinds Holdings Inc.

Crosswinds is a publicly traded private equity firm and asset manager that has been targeting strategic and opportunistic investments in the financial services sector with a particular focus on the insurance industry.

More information

J. Roy Pottle
Tel:  1-508-344-2640
info@crosswindsinc.com
www.crosswindsinc.com

Caution Regarding Forward-Looking Information
This release includes certain forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue” or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.  These forward-looking statements are subject to a number of risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Reference should be made to the risk factors in the Company’s most recent Annual Information Form, in the Management’s Discussion and Analysis for the year ended December 31, 2017 and in our other filings with Canadian securities regulators. Additional important factors that could cause actual results to differ materially from expectations include, among other things, receipt of shareholder approval, receipt of final order approving the plan of arrangement, timing and ability to maintain continued listing on the TSX or an alternate exchange, timing for implementing the arrangement or any component thereof, actual amount of liabilities and the redemption amount, unforeseen circumstances that could condition or delay the implementation of elements of the arrangement, outcome of assessment of any new alternatives available to the Company, general economic and market factors, tax related matters, loss of personnel, reliance on key personnel, the ability of the Company to execute its strategies from time to time; the receipt of any regulatory approvals or consents required from time to time.