CANADA: Leading Brands To Spin Off Quick, Inc. Subsidiary To Shareholders
Leading Brands, Inc. (NASDAQ: LBIX), Canada's largest independent, fully integrated food and beverage brand management company, today announced that it will spin off all of the 7,900,000 shares that it holds in Quick, Inc., to its shareholders, pro rata.The transaction will be structured in such a way as to not attract any adverse financial or tax consequences for the Company or its shareholders.In announcing the decision, Ralph McRae, Leading Brands' Chief Executive Officer, stated, "Quick has operated as a separate company for several months now. It has its own experienced management team and a solid business plan. Although it was initially conceived that Quick could operate as an extension of Leading Brands' business, it became readily apparent in recent months that it would be more appropriate for Quick to be owned and operated separately. I hope that our shareholders appreciate this gift of a substantial interest in a great new company."
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