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Shell Summary for Feb. 26, 2021

2021-02-26 21:00 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 14 points to 1,019 Friday. Alan Gertner's LL One Inc. (LLO: halted) has submitted a filing statement for its qualifying transaction, which is the acquisition of a boat manufacturing start-up, The Limestone Boat Company Inc. (LBC).

LBC has acquired the manufacturing and branding rights for the Limestone brand of boats. It has also acquired all fixed assets from the Oakville company that previously made Limestone boats. As of December, LBC had received orders for 72 boats from Canadian and U.S. dealers. At the time, it was expecting to finalize orders for another 54 boats. The total number, 126, would be enough to meet LBC's entire production target for 2021. LBC, which had no sales in 2020, ended the year with a working capital deficit of $580,200 and no long-term debt. A week ago, it raised $3.23-million at $8.

On closing of the QT, Mr. Hanson, 57, will continue as the chairman of the resulting issuer. Between 1998 and 2016, he worked at eight brokerage and corporate finance firms, including Dominick & Dominick Securities Inc. Then he was the president of a private company, Medic Holdings Corp., which made custom orthotics (for relieving foot pain) and operated 14 foot care clinics. In 2017, he sold Medic to the now-bankrupt Agility Health Inc. (AHI: suspended) for $3.32-million worth of shares. Agility has declined to one cent from 17 cents since 2017. Now, Mr. Hanson is the chairman of Mimi's Rock Corp. (MIMI: $0.45), an on-line seller of health supplements. On closing of the QT, he will hold 16.3 million shares or 16.7 per cent of the resulting issuer.

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