TORONTO, ONTARIO--(Marketwire - Nov. 8, 2012) - TDZ HOLDINGS INC., today announced its results for the nine months ended September 30, 2012.
TDZ Holdings Inc. (the "Company") was formed under the Business Corporations Act (Ontario) upon amalgamation on April 28, 1999.
Summary of Results
Net loss for the nine months ended September 30, 2012 was $75,000 ($0.00 per share) on revenues of $29,000 as compared to net income of $5,000 ($0.00 per share) on revenues of $105,000 for the nine months ended September 30, 2011.
Net decrease in cash was $77,000 ($0.00 per share) during the nine months ended September 30, 2012 as compared to a net decrease in cash of $17,000 ($0.00 per share) during the nine months ended September 30, 2011.
On June 26, 2012, at an annual and special meeting of TDZ Holdings Inc., the shareholders voted to approve a plan to voluntarily dissolve the Company ("the Dissolution Plan").
As part of the Dissolution Plan, the Company has applied for clearance certificates from the Canada Revenue Agency ("CRA") to confirm that no taxes are payable that would prevent the Company from making a final distribution of its remaining assets to its shareholders immediately prior to dissolution. In addition, the Company will also seek consent to the dissolution from the Minister of Finance (Ontario) ("the Minister").
Following the receipt of the clearance certificates from the CRA and the Minister, the Company will make a final distribution to its shareholders of its remaining cash, after payment of all liabilities, in respect of their rights and interests in the Company ("the Final Distribution Amount").
Once the Final Distribution Amount has been distributed to the Company's shareholders, the Company will file articles of dissolution seeking voluntary dissolution.
The Company will continue to issue reports on its operating results and matters relating to the Dissolution Plan until the date on which articles of dissolution are filed.
This document contains forward-looking statements that are based on current expectations, estimates and projections of management of the Company. These forward-looking statements are subject to a number of unknown risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those expressed or implied by the forward-looking statements contained in this document. These forward-looking statements are made as of the date of this document and, subject to certain legal requirements, the Company is under no obligation to, and does not intend to, update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. All forward-looking statements attributable to the Company are expressly qualified by these cautionary statements.