Thursday, May 04, 2017 1:15:02 PM
Nice bounce today but GRMX is a piece of promo work.
The company website is not yet up https://www.garmatexholdings.com/ and the merger with Garmatex Technologies has not yet happened and I can't tell if the shareholders of the actually company that make stuff have even approved the merger yet.
VANCOUVER, BC / ACCESSWIRE / March 22, 2017 / GARMATEX HOLDINGS LTD. (OTC PINK: GRMX) (the "Company") and Garmatex Technologies, Inc. ("GTI") wish to provide clarification with respect to the status of the merger between the two companies.
On March 8, 2017, the two companies amended the arrangement agreement between them dated April 8, 2016 (the "Arrangement Agreement") to allow additional time for GTI to complete the necessary audit requirements in connection with the Company's proposed acquisition of GTI. The companies have agreed to extend the termination date under the Arrangement Agreement until May 31, 2017. GTI has engaged an audit firm and is working towards completion of its audit. Additionally, GTI is planning an annual general meeting of its shareholders, at which GTI shall seek, among other things, shareholder approval of the proposed transaction with the Company. As partial consideration for the extension, the Company was granted a non-exclusive Master Sublicense Agreement with GTI, as previously announced in the Company's news release of March 15, 2017.
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