Sanwire Corporation Completes the Sale of Its Two Subsidiaries
Tulsa, OK -- (August 26, 2014) – Sanwire Corporation (OTC: SNWR) (“Sanwire” or the “Company”) is pleased to announce the sale completion of its two subsidiaries, Oklahoma-based Aeronetworks LLC (“Aeronetworks”) and Nevada-based iPTerra Technologies Inc. (“iPTerra”), to Seven Arts Entertainment Inc. (OTCQB: SAPX) (“Seven Arts”) as announced on July 22, 2014.
Sanwire’s common stock shareholders of record at the close of business on July 16, 2014 (“Record Date”) will be eligible to receive one (1) Seven Arts Series D convertible, redeemable preferred stock ($100 par value) (“Preferred Stock”) for each 3,102.68 Sanwire’s common stock shares. Fractional Preferred Stock will be rounded up. Sanwire shareholders holding Seven Arts Preferred Stock can convert to Seven Arts common stock shares on or before December 31, 2014. The conversion ratio is based on Seven Arts common stock share price at time of conversion.
As at Record Date, Sanwire’s common stock issued and outstanding (including all reservations) is 93,080,415 shares.
To receive Seven Arts Preferred Stock, Sanwire shareholders are requested to follow the following procedure:
- If the Sanwire common stock shares are in a physical certificate, Sanwire shareholders are required to send a copy of the certificate (front and back) to Sanwire’s stock transfer agent.
- If the Sanwire common stock shares are in a brokerage account, Sanwire shareholders are required to ask their brokers to send a letter (on brokerage firm letterhead) confirming the number of Sanwire common stock shares owned as at the Record Date to Sanwire’s stock transfer agent.
- Whether the shares are in physical form or in a brokerage account, Sanwire shareholders must provide the following information to Sanwire’ stock transfer agent: shareholder name, complete address, telephone number, and one of the following SSN, SIN, corporate or tax identifier.
- Once all required information is received, Sanwire will coordinate with Seven Arts stock transfer agent to process and issue all Preferred Stock certificates, which will be directly mailed to Sanwire’s shareholders to the address provided.
Sanwire’s stock transfer agent contact information:
President Stock Transfer
515 West Pender Street, Suite 215
Vancouver, BC V6B 6H5 Canada
Phone: (604) 876-5526
Fax: (604) 876-5564
Rick Bjorklund, Chairman
Certain statements included in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations.