Calgary, Alberta--(Newsfile Corp. - January 29, 2019) - CapGain Properties Inc. (TSXV: CPP) ("CapGain" or the "Company") has recently completed an initial restructuring transaction which has resulted in a change of management and board of directors. Recent activities include:
- Settlement of two outstanding lawsuits for payment by the Company of US$150,000;
- Resignation of Mr. Brian Knight and Mr. Michael Loprieno as officers and directors of the Company;
- Cancelation of approximately 16,287,328 common shares controlled by Mr. Knight, Mr. Loprieno and another third party, representing approximately 33% of the issued and outstanding common shares of the Company;
- Cancelation and forgiveness by Mr. Knight and Mr. Loprieno of all amounts owing by CapGain to them and their related companies;
- Entering into a secured loan agreement with Mr. Arthur Kwan and Mr. Peter Cheung for a total of C$200,000;
- Appointment of Mr. Kwan as director and Chief Executive Officer and Mr. Cheung as director and Chief Financial Officer of the Company; and
- Entering into an unsecured loan agreement with 2091431 Alberta Ltd., a company owned by Mr. Cheung, for up to C$100,000 for working capital purposes.
About CapGain Properties Inc.
CapGain is an investment company with a focus on the acquisition of income producing businesses.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Arthur Kwan, Chief Executive Officer
CapGain Properties Inc.
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