Kobex Shareholders Warned That Kingsway's Latest Press Release Is Misleading and Irresponsible
VANCOUVER, BC--(Marketwired - November 13, 2015) - November 13, 2015 - Kobex Capital Corp. (TSX VENTURE: KXM) (OTCQB: KBXMF) (the "Company" or "Kobex") announced the serious concerns of the Board of Directors of Kobex (the "Board") regarding the misleading and irresponsible press release issued by Kingsway Financial Services Inc. ("Kingsway") earlier today.
In keeping with the pattern of incomplete and misleading public disclosure that has defined Kingsway's hostile proxy contest, Kingsway has now announced that it has the support of a "clear majority of Kobex shareholders" -- a statement that is unsupportable.
Contrary to Kingsway's press release, the preliminary results (which remain subject to audit) do not support Kingsway's public statements, but rather indicate the rejection by Kobex shareholders of the proposals advanced by Kingsway.
Kobex shareholders are cautioned that Kingsway and its representatives are not in a position to make final determinations with respect to the outcome of the special meeting of Kobex shareholders scheduled for Tuesday, November 17, 2015, given that they do not have complete information with regard to the total number of proxies deposited.
The Board strongly urges Kobex shareholders to completely disregard and place no reliance on these misleading and irresponsible public statements.
The Board reminds Kingsway of its obligations under applicable Canadian securities laws with respect to the making of intentionally misleading and irresponsible statements with respect to a publicly listed and traded company such as Kobex, which matters are taken very seriously by Kobex and the Board.
Special Meeting
The Special Meeting of Kobex Shareholders is scheduled to be held at noon (Toronto time) on Tuesday, November 17, 2015 at the offices of Stikeman Elliott LLP, 199 Bay Street, 5300 Commerce Court West, Toronto, Ontario, M5L 1B9.
Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any anticipated results, performance or achievements expressed or implied by such forward-looking statements. The use of any of the words "anticipate", "continue", "expect", "may", "will", "would", "project", "should", "believe", "plan" and "intends" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements may relate to Kobex's management's expectations, estimates and analysis with respect to: its business strategy; the composition of its board of directors; and the feasibility, value and impact of Kingsway's proposals and strategies for Kobex and the board's belief that these proposals and strategies are not in the best interests of Kobex or its shareholders, and will destroy shareholder value.
Forward-looking statements are based on certain factors and assumptions regarding, among other things, market acceptance of Kobex's corporate strategy and corporate endeavours and the success of Kobex's announced corporate strategy and future transactions. There can be no assurance that these assumptions will prove to be correct. Readers are cautioned that forward-looking statements included in this news release are not guarantees of future performance, and are also cautioned not to place undue reliance on forward-looking statements which involve known and unknown material risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any anticipated results, performance or achievements expressed or implied in such forward-looking statements. These statements speak only as of the date of this news release. Kobex undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities law.
All of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the anticipated results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Kobex.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contact
For further information, please contact:
Kobex Capital Corp.
Philip du Toit
President and CEO
Tel: 647-818-2920