Mr. Paul Larkin reports
GSTAAD CAPITAL TERMINATES TRANSACTION WITH LUXHYGENIX AND ANNOUNCES
CHANGES TO ITS BOARD OF DIRECTORS
Gstaad Capital Corp. has terminated the letter agreement dated Nov. 29, 2021, with
LuxHygenix Inc. with respect to the proposed qualifying
transaction (as defined in the policies of the TSX Venture Exchange) of the company, effective
immediately. Pursuant to the terms of the Letter Agreement, the Company shall seek
reimbursement of certain expenses incurred by the Company in connection with the
Transaction from LuxHygenix.
The Company confirms that it has not assumed any ongoing obligations of
LuxHygenix, aside from expenses incurred in pursuit of the Transaction. The
Company intends to apply to the Exchange to have its common shares resume
trading as soon as possible.
The Company also announces that it will hold its annual general and special meeting
(the "Meeting") of shareholders on February 5, 2024. For the Meeting, management
has nominated two new directors, Ehsan Agahi and Scott Eldridge, for election.
These nominations are intended to fill vacancies created by Joseph Martin and
Philip Pincus, both of which are not standing for election. The new additions
remain subject to shareholder and Exchange approval and will strengthen the
Company's efforts to continue to pursue and evaluate other businesses and assets
with a view to completing a Qualifying Transaction.
At the Meeting, the Company will also be seeking shareholder approval for the
adoption of a new option plan, and disinterested shareholder approval for a
reduction in the length of escrow applicable to certain common shares of the
Company held by directors and officers. For further information regarding the
matters being considered at the Meeting, readers are encouraged to review the
management information circular prepared for the Meeting which is available under
the profile for the Company on SEDAR+ (www.sedarplus.ca).
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