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Press Release & News
FOR IMMEDIATE RELEASE
Abode Mortgage Holdings Corp. (formerly Watersave Logic Corporation) acquires Abode Mortgage Corporation; shares resume trading under the symbol TSXV: ABD
VANCOUVER, BC – August 15th, 2006 – Watersave Logic Corporation has changed its name to Abode Mortgage Holdings Corp. (the Company) resumed trading on the TSX Venture Exchange under the symbol “ABD” on August 15, 2006. In connection with its change of name, the Company has also completed its acquisition of 100% of the shares of Abode Mortgage Corporation (AMC) by issuing to AMC’s shareholders 17,534,423 common shares of the Company and agreeing to issue a further 26,301,635 common shares, provided that AMC achieves certain profitability targets over the next three years. The common shares issued and to be issued by the Company as consideration for AMC have a deemed value of approximately CDN $6 million, and will be subject to escrow pursuant to the policies of the TSX Venture Exchange.
AMC (www.abodecorp.com) is a new entrant into Canada’s emerging non-conforming residential mortgage lending industry.
In addition to the acquisition of AMC and the change of the Company’s name, on June 29, 2006 the Company’s shareholders approved the sale of WP Industries Inc. (the Company’s prior operating subsidiary) and the election of William Atkinson, Chief Executive Officer, to the Company’s Board of Directors. With the sale of WP Industries Inc. and the acquisition of AMC, the Company’s business has changed from the distribution of ceramic sanitary ware products to non-conforming residential mortgage lending.
The Company has also completed a $2.8 million private placement financing of 28 million common shares of the Company at $0.10 per share pursuant to exemptions from prospectus and registration requirements of applicable securities laws. The Company will use the proceeds of this private placement for working capital and general corporate purposes.
Quest Capital Corporation acted on behalf of Company as sponsor with respect to the acquisition of AMC, the disposition of WP Industries Inc., and the private placement.
Abode Mortgage Holdings Corp. (www.abodecorp.com) is a public company trading on the TSX Venture Exchange under the symbol ABD, and through its wholly owned Vancouver-based subsidiary, Abode Mortgage Corporation, provides mortgage services to the increasing number of Canadians who are unable to find mortgage financing through traditional sources.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information in this news release respecting the Company and its trading date constitutes forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and the Company does not intend, and does not assume any obligation to, update these forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as “strategy”, "projects" or "projected", "target", “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “intends”, "anticipates” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. Examples of forward looking statements in this news release include, but are not limited to, statements regarding the Company’s trading date on the TSX Venture Exchange. The Company has relied on a bulletin published by the TSX Venture Exchange for determining its listing date, and the Company has assumed the reliability and accuracy of that bulletin in making such forward-looking statement. We caution that forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause the timing of the Company’s trading date or other results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
For further information, contact:
Peter J. MacLean
SVP Corporate Development
Abode Mortgage Holdings Corp.
Phone: 604.642.2633
Email: info@abodecorp.com
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