CapGain Properties Inc. Announces Initial Restructuring Transaction and Change of Management and Board of Directors

Calgary, Alberta--(Newsfile Corp. - January 29, 2019) - CapGain Properties Inc. (TSXV: CPP) ("CapGain" or the "Company") has recently completed an initial restructuring transaction which has resulted in a change of management and board of directors. Recent activities include:

  • Settlement of two outstanding lawsuits for payment by the Company of US$150,000;
  • Resignation of Mr. Brian Knight and Mr. Michael Loprieno as officers and directors of the Company;
  • Cancelation of approximately 16,287,328 common shares controlled by Mr. Knight, Mr. Loprieno and another third party, representing approximately 33% of the issued and outstanding common shares of the Company;
  • Cancelation and forgiveness by Mr. Knight and Mr. Loprieno of all amounts owing by CapGain to them and their related companies;
  • Entering into a secured loan agreement with Mr. Arthur Kwan and Mr. Peter Cheung for a total of C$200,000;
  • Appointment of Mr. Kwan as director and Chief Executive Officer and Mr. Cheung as director and Chief Financial Officer of the Company; and
  • Entering into an unsecured loan agreement with 2091431 Alberta Ltd., a company owned by Mr. Cheung, for up to C$100,000 for working capital purposes.

About CapGain Properties Inc.

CapGain is an investment company with a focus on the acquisition of income producing businesses.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Arthur Kwan, Chief Executive Officer
CapGain Properties Inc.
Email: [email protected]

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