|By Marketwired .||
|January 4, 2013 02:07 PM EST||
AIRDRIE, ALBERTA -- (Marketwire) -- 01/04/13 -- J. Patrick Cashion of Calgary, Alta., president and a director of Vitreous Glass Inc. (TSX VENTURE:VCI), his spouse and a corporation owned by them have acquired direct or beneficial ownership of an additional 70,000 common shares in the capital of Vitreous Glass pursuant to a share purchase agreement dated Jan. 6, 2011, which was the subject of a previous report dated Jan. 7, 2011. Pursuant to the Agreement, Mr. Cashion, his spouse and Holdco previously acquired 150,000 Common Shares, resulting in an aggregate of 220,000 Common Shares being acquired directly or beneficially by Mr. Cashion, his spouse and Holdco. Pursuant to the Agreement Holdco has also acquired voting rights to 225,000 Common Shares acquired by a third party.
The Common Shares were purchased in a private transaction from Irv Thomas Investments Ltd., a corporation owned by H. Irvin Thomas, Chairman and a director of Vitreous, at a price of $1.75 per Common Share. Irv Thomas Investments Ltd. had previously granted Mr. Cashion an option to purchase all of its Common Shares upon the death of Mr. Thomas (the "Option"). The number of Common Shares held by Irv Thomas Investments Ltd. which are available to Mr. Cashion pursuant to the Option is 650,000.
Mr. Cashion, his spouse and Holdco currently hold a total of 1,882,200 Common Shares representing 30.6% of the currently issued and outstanding Common Shares of Vitreous.
If Mr. Cashion were to exercise the option from Irv Thomas Investments Ltd., he, together with his spouse and Holdco, would hold a total of 2,532,200 shares in Vitreous, representing 41.1% of the outstanding Common Shares and would have voting rights for a further 225,000 Common Shares, representing an additional 3.7%.
Mr. Cashion acquired the securities for investment purposes and may, in the future, acquire ownership of, or control or direction over, additional securities of Vitreous, but has no present intention to do so.
A copy of the early warning report in respect of these acquisitions to be filed with the applicable securities commissions can be found at www.sedar.com.
Vitreous Glass Inc.
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