SPECTRA INC. ANNOUNCES AMALGAMATION AND NAME CHANGE TO SPECTRA PRODUCTS INC.
Spectra Products Inc. (formerly Spectra Inc.) completed a vertical short-form amalgamation with its wholly owned subsidiary Spectra Products Inc. under Section 184(1) of the Business Corporations Act (Alberta) on Jan. 1, 2020. The amalgamation was approved by the board of directors of each of the amalgamating companies. In accordance with the amalgamation, the company changed its name from Spectra Inc. to Spectra Products Inc. The company's stock trading symbol will remain as SSA on the TSX Venture Exchange and it is expected that the company's stock will commence trading under its new name next week following receipt of final approval from the TSX-V.
No action will be required by existing shareholders or holders of certificates representing common shares with respect to the name change. The company's new Cusip number is 84757D100 and its new ISIN number is CA84757D1006.
About Spectra Inc.
Spectra is the Toronto-based North American designer, manufacturer and distributor of Brake Safe, the visual brake stroke indicating system; Brake Inspector, the company's electronic in-cab air brake diagnostic system; and the Termin-8R line of anti-corrosion and extreme pressure lubricants.
FYI: I spoke to the company regarding the reason for this amalgamation and it was done in order to use over $1 million in tax loss credits from the parent company towards the profitable cashflow of the subsidiary. So Spectra can add over $ 1 million in cash to the bank without having to pay tax on it. Given that the company has been profitable since 2014 and net income grows every year, this is a massive bonus for shareholder value.