VANCOUVER,
Aug. 12, 2013 /CNW/ - Global Railway
Industries Ltd. (the "Company") announces that effective
August 13, 2013 the Company's name
will change to "Chinook Tyee Industry Limited" and its stock
trading symbol will change to "XCX.H". The Company shares
trade on the NEX board of the TSX Venture Exchange. The
Company is currently seeking to identify and evaluate potential
businesses with a view to completing a change of business under the
policies of the TSX Venture Exchange. The Company has net
cash assets per post-consolidated share of approximately
$0.95 and approximately 3,472,741
post-consolidated shares outstanding. The Company's website
is www.chinooktyee.com.
In addition, the common shares of the Company
will be consolidated effective August 13,
2013 such that one (1) new common share has been issued for
every four (4) common shares outstanding on the date hereof.
A letter of transmittal has been sent by mail to registered
shareholders instructing shareholders to surrender the certificates
evidencing their common shares for replacement certificates
representing the number of common shares to which they are entitled
as a result of the consolidation. Until surrendered, each
certificate representing common shares prior to the consolidation
will be deemed for all purposes to represent the number of common
shares to which the holder thereof is entitled as a result of the
consolidation.
The shareholders of the Company approved the
share consolidation, an alteration to the Company's articles to
incorporate advance notice provisions and elected the following
directors to the board: Tom
Kusumoto, Kenneth MacLeod,
Alex Blodgett and Greg MacRae, all at the annual general and
special meeting of the Company held on August 8, 2013.
Further details regarding the name change, share
consolidation and advance notice provisions are contained in the
Company's Information Circular dated July 9,
2013, which has been filed on SEDAR at www.sedar.com and are
also available on the Company's website at www.chinooktyee.com.
Neither the TSX Venture Exchange nor its
Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Global Railway Industries Ltd.