RYU Announces Shareholder and Court Approval of Transaction to Change Corporate Jurisdiction
Vancouver, BC / ACCESSWIRE / February 4, 2015 / Respect Your Universe, Inc. (TSX VENTURE: RYU) (RYUN) ("RYU"), a global performance training and fitness brand is pleased to announce that all resolutions presented at RYU's special meeting of shareholders held on January 27, 2015, including the approval of RYU's revised stock option plan, the approval of the stock option grant to Marcello Leone and the approval of the plan of arrangement and share exchange (the "Plan") to change RYU's corporate jurisdiction from the State of Nevada to the Province of British Columbia, were approved by the shareholders of RYU.
RYU is also pleased to announce that the Supreme Court of British Columbia has granted the Final Order approving RYU's Plan. The purpose of the Plan is to affect a change in corporate jurisdiction of RYU's business from Nevada to British Columbia. The result of the Plan is that the shareholders of RYU will become shareholders of Respect Your Universe (BC), Inc. ("RYU BC"), a British Columbia corporation which is currently a wholly-owned subsidiary of RYU, by exchanging the outstanding common shares of RYU for common shares of RYU BC, on a one for one basis, such that RYU will become a wholly-owned subsidiary of RYU BC. This share exchange will occur automatically at the effective time of the Plan. Also, following completion of the Plan, RYU BC is expected to change its name to "RYU Apparel Inc." and have its common shares listed on the TSX Venture Exchange (the "TSXV") under the symbol "RYU," and the common shares of RYU are expected to be delisted from the TSXV.
Completion of the transactions contemplated by the Plan remains subject to final approval of the TSXV. Once final approval of the TSXV has been obtained, the Company will set the record date and effective date for the Plan and announce such dates by news release.
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.
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.
