CCII.P:CC - Cuspis Capital II Ltd. and Peninsula Capital Corp. Announce Expiry of Letter of Intent
(TheNewswire)
Toronto, Ontario - TheNewswire - July 6, 2023 - Cuspis Capital II Ltd. (TSXV:CCII.P) (“ Cuspis ” or the “ Corporation ”), a capital poolcompany, and Peninsula Capital Corp. (“Peninsula”), a real estatecompany focused on the acquisition and management of a portfolio ofsingle family rental properties, announce that with the lapse of thepreviously announced letter of intent (“LOI”), they have mutuallyagreed not to extend or renew the LOI between the parties. Pleaserefer to the Cuspis press releases of June 7, 2022 and December 15,2022 for more information on the LOI, the previously announcedextension, and the transaction(s) that had been contemplated thereby.
Cuspis continues to evaluate other opportunities and candidates forthe completion of a Qualifying Transaction as described by Policy 2.4of the TSX Venture Exchange (the “Exchange”). Cuspis presently hasa net cash balance of approximately $ 1.6 million. Trading of Cuspis’ common shares on the Exchange isexpected to resume within five (5) business days of the date of thisrelease.
“In light of certain delays, and of our objectives in meetingcertain milestones prior to going public, we recognize that ourrespective timing objectives have diverged. We appreciate thepatience of Cuspis and its team, and may yet seek an opportunity toreengage with them in some manner.” – Mr. Michael Appelton, CEO,Peninsula Capital.
“We remain interested in Peninsula’s business, and believe it is acompelling growth story, but in the interests of aligning our effortswith our shareholders’ expectations, we will explore otheropportunities while Peninsula works to achieve its near term businessobjectives.” – William Ollerhead, CEO, Cuspis Capital II Ltd.
For further information:
William Ollerhead
Cuspis Capital II Ltd.
Email: Will@CuspisCapital.com
Tel. (416) 214-0876
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Forward-Looking Information
This press release contains“forward-looking information” and “forward-looking statements”(collectively, “forward-looking statements”) within the meaning ofapplicable Canadian securities legislation. All statements, other thanstatements of historical fact, are forward-looking statements and arebased on expectations, estimates and projections as at the date of this press release. Anystatement that involves discussions with respect to predictions,expectations, beliefs, plans, projections, objectives, assumptions,future events or performance are not statements of historical fact andmay be forward-looking statements.
By their nature, forward-lookingstatements involve known and unknown risks, uncertainties and otherfactors which may cause our actual results, performance orachievements, or other future events, to be materially different fromany future results, performance or achievements expressed or impliedby such forward-looking statements.
The forward-looking informationcontained in this press release represents the expectations of Cuspisas of the date of this press release and, accordingly, are subject tochange after such date. Readers should not place undue importance onforward-looking information and should not rely upon this informationas of any other date. Cuspis does not undertake to update thisinformation at any particular time except as required in accordancewith applicable laws.
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