/THIS PRESS RELEASE IS INTENDED FOR DISTRIBUTION IN
CANADA ONLY AND IS NOT INTENDED
FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES./
PHOENIX, April 25, 2016 /CNW/ - GWR Global Water
Resources Corp. (TSX: GWR) (the "Company") announced today that its
shareholders have approved the previously announced arrangement of
the Company under the Business Corporations Act
(British Columbia) (the
"Arrangement"). At the effective time of the Arrangement, the
Company will merge with and into Global Water Resources, Inc.
("GWRI") and, as a result, the Company will cease to exist as a
British Columbia corporation and
GWRI, governed under the laws of the State of Delaware, will be the surviving
entity of the merger. On the effectiveness of the Arrangement,
shareholders of the Company will receive one share of common stock
of GWRI for each common share of the Company held.
Shareholders of the Company were supportive of the Arrangement
with approximately 99.9% of the votes cast at an annual and special
meeting of the shareholders of the Company held today being voted
in favour (99.8% excluding the votes cast by certain directors and
shareholders of the Company that are also shareholders of
GWRI).
The Company is seeking a final order of the Supreme Court of
British Columbia to approve the
Arrangement which is expected to be granted on April 27, 2016. The Arrangement is also
conditional on the concurrent completion of a proposed initial
public offering of shares of common stock of GWRI in the United States (the "U.S. IPO"). Subject to
receipt of the final order, the concurrent completion of the U.S.
IPO and satisfaction of other customary conditions to the
completion of the Arrangement, the Arrangement is expected to close
in early May.
About GWR Global Water Resources Corp.
The Company was
incorporated in British Columbia
to acquire shares of U.S. based GWRI and to actively participate in
the management, business and operations of GWRI through its
representation on the board of directors of GWRI and its shared
management of GWRI. GWRI is a water resources company located in
Phoenix, Arizona, that owns and
operates regulated water, wastewater and recycled water utilities
in the metropolitan Phoenix
area.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain
forward-looking statements. These forward-looking statements
include, but are not limited to the expected timing and completion
of the Arrangement and the U.S. IPO, that are not historical facts
as well as statements identified by words such as "expects",
"anticipates", "intends", "plans", "believes", "seeks",
"estimates", or the negative of these terms, or other words of
similar meaning. These statements are based on our current beliefs
or expectations and are inherently subject to significant
uncertainties and changes in circumstances, many of which are
beyond our control. Actual results may differ materially from these
expectations due to changes in global political, economic,
business, competitive, market and regulatory factors and other
factors discussed under the heading "Risk Factors" in the Company's
most recent Annual Information Form. We undertake no obligation to
publicly update any forward-looking statement, except as required
by law, whether as a result of new information, future developments
or otherwise.
SOURCE GWR Global Water Resources Corp.