Global Railway Industries Ltd. Settles Claim for Indemnification
from Purchaser of CAD Railway Industries Ltd.
Stock Symbol: GBI.H
Listing: NEX
Outstanding Shares: 15.3 Million
Web Site: www.globalrailway.com
LACHINE, QC, Oct. 30, 2012 /CNW/ - Global Railway
Industries Ltd. (GBI.H:NEX): Global Railway
Industries Ltd. ("Global") announced today that it has settled all
claims for indemnification asserted by the purchaser of Global's
former subsidiary, CAD Railway Industries Ltd. ("CADRI"), for an
aggregate sum of $450,000.
The settlement amount will be paid to the
purchaser out of the remaining escrow funds of approximately
$640,000, with the balance of
approximately $190,000 to be released
to Global.
In connection with the settlement of these
claims, the parties have agreed to a mutual release of all past or
future claims under the share purchase agreement.
About Global Railway Industries:
Global Railway Industries Ltd. is a public company whose shares are
listed for trading on the NEX Board of the TSX Venture Exchange
under the symbol "GBI.H".
Neither 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.
SOURCE Global Railway Industries Ltd.