TORONTO, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Crosswinds Holdings Inc. (“Crosswinds” or the “Company”) (TSX: CWI) announced today that it has entered into an amendment to its previously disclosed binding letter of intent for a reverse take-over bid or similar transaction with a private counterparty.  Under the letter of intent, Crosswinds would acquire the counterparty in consideration for Crosswinds shares that on issuance would constitute a substantial majority of the Company’s outstanding equity. 

The letter of intent contemplates that the parties will negotiate definitive agreements, and undertake due diligence, on an exclusive basis.  Under the amendment, Crosswinds has agreed to extend the exclusivity period to December 31, 2019, provided that the counterparty pays agreed amounts to fund substantially all of the Company’s ongoing operating expenses.

The letter of intent as amended continues to be conditional on diligence, requisite corporate approvals, negotiation of definitive documentation and other conditions.  There can be no assurance that agreements can be reached, or if such terms can be reached as to the timing or terms of any transaction. 

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, settlement of the terms of definitive documentation, successful fulfillment of the conditions outlined in the letter of intent, unforeseen circumstances that could condition or delay progress with the proposed transaction, general economic and market factors, tax related matters, the ability of the Company to execute its strategies from time to time, and the receipt of any regulatory approvals or consents required from time to time.