RYU Announces Closing Date for Arrangement Agreement
VANCOUVER, BC / ACCESSWIRE / February 17, 2015 Respect Your Universe, Inc. (TSX VENTURE: RYU) (OTCQB:RYUN) ("RYU"), a global performance training and fitness brand is pleased to announce that its arrangement agreement (the "Arrangement Agreement") with RYU Apparel Inc., a newly incorporated wholly-owned British Columbia subsidiary of RYU ("RYU Canada"), is anticipated to close on February 20, 2015 (the "Effective Date"). Pursuant to the Arrangement Agreement, on the Effective Date, all of the shareholders of RYU will be deemed to have exchanged their common shares of RYU (each, a "RYU Share") for common shares of RYU Canada (each, a "RYU Canada Share") on the basis of one RYU Canada Share for each RYU Share held. The RYU Canada Shares are anticipated to be listed on the TSX Venture Exchange on or before February 26, 2015 under the name RYU Apparel Inc., the symbol "RYU", and a CUSIP of 74979J100. RYU has analyzed the benefits and costs to continuing its quotation on the OTCQB in the United States and it has determined that it is in the best interest of the company to cease its quotation on the OTCQB. As such, the RYU Canada Shares are not anticipated to be quoted on the OTCQB following the Effective Date. The RYU Shares are anticipated to be delisted from the TSX Venture Exchange on the Effective Date and cease to be quoted on the OTCQB on the Effective Date.
RYU also announces that it has granted options to acquire up to 2,800,000 shares of RYU at an exercise price of $0.30 per share for a period of ten years. Of these options, 2,450,000 were granted to RYU's Chief Executive Officer and they only vest when RYU reports positive net income and cash from operations. These options will become options of RYU Canada, with the same terms, after the Effective Date.
About RYU
Respect Your Universe, Inc. is a global performance training and fitness brand with origins in the movements and philosophy of martial artistry, created for the multi-discipline athlete. We deliver uncompromising style, comfort, durability, and function for our customers. We exist to facilitate the best in human performance. For more information, visit www.ryu.com.
For regular updates on RYU apparel, be sure to check out: https://www.facebook.com/RYUapparel.
On Behalf of the Board
RESPECT YOUR UNIVERSE, INC.
Marcello Leone, CEO, President and Chairman of the Board
Neither the 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 release.
Contact Information
Investor Relations
Tel: +1 877 367 0704
Email: ir@ryu.com
Hayden IR
hart@haydenir.com
917-658-7878
Media Inquiries
Public Relations
Respect Your Universe, Inc.
Tel: +1 877 798 8326
Email: pr@ryu.com
Statements regarding the future growth of RYU are "forward- looking statements", which are subject to risks and uncertainties, which may cause the actual results, performance or achievements of RYU to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, that RYU's business plan is dependent on additional financing, which it may be unable to obtain on terms acceptable to RYU, changes in general economic or market conditions that could impact consumer demand for RYU's products, and RYU's ability to execute on its business plan. Except as required by law, RYU undertakes no responsibility to update any of the forward-looking statements contained in this news release.
SOURCE: Respect Your Universe, Inc.
