01:18:37 EDT Mon 20 May 2024
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Wangton, Tonisity in talks with potential investors

2024-03-09 05:04 ET - News Release

Mr. Tag Gill reports

WANGTON CAPITAL PROVIDES FURTHER UPDATE ON QUALIFYING TRANSACTION WITH TONISITY, AN ANIMAL HEALTH AND NUTRITION COMPANY

Wangton Capital Corp. has provided an update with respect to its proposed qualifying transaction with Kalmarna Ltd. (Tonisity BVI), pursuant to which the company previously announced that it would acquire all of the issued and outstanding securities of Tonisity as its qualifying transaction pursuant to the policies of the exchange. The company and Tonisity are continuing to pursue the transaction, and discussions with potential investors are continuing.

Tonisity is in the process of completing an internal reorganization, pursuant to which the intellectual property and other assets of Tonisity will be transferred to its wholly owned subsidiary, Tonisity International, a company organized under the laws of Ireland, and Tonisity will be wound up. The restructuring of the business under Tonisity International is intended to create a more favourable investment structure for European investors. Under the revised structure, the company intends to acquire the securities of Tonisity International pursuant to the transaction.

About Kalmarna Ltd. (Tonisity BVI)

Tonisity is an animal health and nutrition company based in Ireland that is currently focusing its patented technology in two specific markets: (1) isotonic products for the enhancement of swine production; and (2) novel companion animal nutrition products. Tonisity is focused on creating positive physiological changes by addressing the issue of intestinal health of young animals, thus improving their overall health, leading to better lifetime performance. With respect to novel companion animal products, Tonisity is poised to become the first mover and market leader in a targeted nutrition approach for pets, which is a rapidly growing market across the globe.

Completion of the transaction is subject to a number of conditions, including, but not limited to, exchange acceptance and, if applicable pursuant to exchange requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

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