TrackPower, Inc. - Definitive Agreement On the Sale of Armstrong Holdings -- Brampton -- Limited Signed.Business Editors TORONTO--(BUSINESS WIRE)--March 4, 2002 TrackPower, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :TPWR) and Paul and John Simmonds of Toronto, Ontario are pleased to announce that they and a group of investors (Simmonds Group) have signed a definitive agreement with the Armstrong family to purchase all of the shares of Armstrong Holdings (Brampton) Limited (AHBL AHBL Abusive Hosts Blocking List AHBL All Hell Broke Loose AHBL Alexander Holburn Beaudin and Lang (Canadian law firm) AHBL Around the Horn Baseball League ). AHBL has been an industry leader for more than 40 years in the breeding and racing of standardbred horses under the stable name "Armstrong Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) ." AHBL's leadership position is a reflection of the size and strength of its operations: 36 stallions (shared ownership/breeding rights), approximately 180 broodmares, over 100 yearlings annually, 1,100 acres of prime farmland complete with custom built facilities and equipment, interest in two significant horse sale companies and a strong racing stable. A long-serving highly respected management team guides the operation. This management team has continued the industry leadership position started by the founding Armstrong brothers and continued by the Armstrong family in terms of both industry involvement and advanced breeding techniques. At closing, AHBL will enter into a joint venture agreement with TrackPower, Inc. (OTCBB:TPWR) a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. from New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY, that will own 39% of its common stock. In addition, TrackPower will acquire for cash at closing, 100% of the existing broodmare brood·mare n. A mare used for breeding. Noun 1. broodmare - a female horse used for breeding stud mare female horse, mare - female equine animal band, their foals of 2002 along with all the stallion shares. The horses acquired will continue to be located at the AHBL facility and be cared for and managed by AHBL personnel. It is the Simmonds Group's plan to continue the Armstrong tradition of producing the highest quality of standardbred Standardbred Breed of light horse developed in the U.S., primarily for harness racing. The foundation sire was an English Thoroughbred imported in 1788; his progeny were bred with other breeds, especially the Morgan, to produce speedy trotters and pacers. yearlings while providing the farm's various other equine services, such as embryonic transfer, all under the Armbro name. Dr. Moira Gunn, who has been employed by AHBL for more than 14 years, will continue on in her present capacity as President. Paul Simmonds will become the company's Chief Executive Officer. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion