Press Releases: 2018
Automodular Corporation Announces Settlement of Claim Against General Motors Company and General Motors of Canada Ltd.
Pickering, February 20, 2018: Automodular Corporation (AM.H-NEX) (“AMD”) is pleased to announce that it has reached a settlement in its legal claim against General Motors Company and General Motors of Canada Limited related to the termination of a contract for sequencing and sub-assembly services, indexed as Ontario Superior Court of Justice Court File No. CV-17-11686-00CL (the “GM Litigation”). Pursuant to the settlement, AMD will receive a payment of $7 million by March 6, 2018, such payment to be inclusive of all claims made or which could have been made in the GM Litigation, including interest, costs and disbursements.
Automodular Corporation Announces Receipt of Interim Order for Proposed Transaction with HLS Therapeutics Inc.
Pickering, February 2, 2018: Automodular Corporation (AM.H-NEX) (“AMD”) is pleased to provide an update on its proposed transaction with HLS Therapeutics Inc. (“HLS”). As previously announced, AMD and HLS entered into an arrangement agreement dated December 21, 2017 (the “Arrangement Agreement”), providing for the amalgamation of HLS and AMD by way of a plan of arrangement (the “Arrangement”) in accordance with Section 182 of the Business Corporations Act (Ontario). Pursuant to the Arrangement, HLS and AMD will amalgamate to form a new entity named “HLS Therapeutics Inc.” (“Amalco”), operating in the life sciences industry. The completion of the Arrangement will result in a reverse takeover of AMD as defined in the policies of the TSX Venture Exchange (the “Exchange”). Completion of the Arrangement is subject to, among other things, the approval of the Exchange and approval from AMD and HLS shareholders.