Home / Knowledge / News / Textiles / Qualifying transaction for Coconut Grove Textiles
Qualifying transaction for Coconut Grove Textiles
Jan '11
LEEZAMAX CAPITAL CORP of Surrey B.C. is pleased to announce that that it has entered into a letter of intent dated December 23, 2010 (the "Agreement") pursuant to which it intends to acquire all of the issued and outstanding common shares of Coconut Grove Textiles Inc ("CGTI"), a Toronto-based company which designs, manufactures and distributes ladies intimate apparel and accessories, and, also holds exclusive North American distribution rights for a new generation of intelligent textiles which have the ability to kill bacteria, repel insects and heal skin among other things (the "CGTI Acquisition").

In terms of the letter of intent, the issued and outstanding common shares of CGTI will be exchanged for the issuance of common shares and preferred shares of the Corporation.

Leezamax was originally listed on the TSX Venture Exchange (the "Exchange") on October 26, 2007, as a capital pool company but was delisted from the Exchange on June 30, 2010, for failure to complete a Qualifying Transaction within the time frames required by Exchange policies.

It is expected that the CGTI Acquisition will constitute a "Qualifying Transaction" for the Corporation as such term is defined in the Exchange policies and Leezamax will be making application to re-list its common shares in conjunction with the approval of the proposed Qualifying Transaction.

Pursuant to the terms of the Agreement, it is intended that CGTI will, in conjunction with the completion of the CGTI Acquisition: (i) complete a private placement financing for gross proceeds of a minimum of $1,500,000, and a maximum of $2,000,000 (the "Private Placement"), and (ii) subject to the approval of the shareholders of Leezamax, it is the intention of the Corporation to change its name to "iFABRIC CORP" or such other similar name as is acceptable to regulatory authorities and approved by the board of directors.

A special meeting of the shareholders of Leezamax (the "Meeting") will be held to consider and approve certain aspects related to the Qualifying Transaction in accordance with the policies of the Exchange and the Business Corporations Act (Alberta), including the appointment of the new board of directors of the Resulting Issuer (as defined in Exchange Policy 2.4) and the proposed change of name.

Proposed Management
Upon completion of the CGTI Acquisition, it is anticipated that Leezamax's board of directors will change with the election of CGTI's nominees, including Hylton Karon, Hilton Price, Cortney Shiner and three outside directors, as described below.

The backgrounds of each of the proposed members of the board of directors and senior management of the Resulting Issuer are as follows:

Hylton Karon, President, CEO and Director
Mr. Karon is a graduate of Philadelphia University with BSc degree in textile marketing and management. A member of the Group's founding family, he has over 30 years ofexperience in product development and marketing. Mr. Hylton's creative ability has resulted in the development of many successful and patented products which are sold both in North America and internationally. His leadership and motivational skills have been the main driving force for the Group's success to date.

Must ReadView All

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Textiles | On 20th Jan 2017

Xeros to focus on textile sector to develop technology

Xeros technology group plc, the developer and provider of patented...

Apparel/Garments | On 20th Jan 2017

Nine West acquiring womenswear marketer Kasper Group

US based footwear, accessories and denim company Nine West Holdings...

Interviews View All

Rahuul Jashnani

‘Online economy has changed the whole dynamics of buying habits.’

Sonia Agarwal

‘The terms eco-friendly and organic are common but everyone perceives them ...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Pranav Mishra

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search