Attention Business/Financial Editors:
AADCO Automotive Inc. (AA: TSX - Venture Exchange)
BRAMPTON, ON, June 13 /CNW/ - AADCO Automotive Inc. ("AADCO") announces that a shares for debt filing is being made to settle $30,000 of debt with non-arm's length trade payables of AADCO by the issuance of 300,000 common shares of the Corporation. This debt is for bridge financing fees owed to Hodgkinson Equities Corporation, a company controlled by a director of the Corporation. These fees were incurred as a result of loans made to AADCO. The shares issued to the creditor will have a price of 0.10 and be subject to a 4-month hold period. Closing of the shares for debt conversion is subject to Exchange approval.
About AADCO
AADCO Automotive Inc. is a growing, Canadian public company with a unique business model committed to complete vehicle dismantling to provide quality used OEM parts, recyclable core from insurance salvage and aftermarket parts to meet the needs of the collision/ mechanical repair industry, as well as the remanufacturing industry through it's Coreline division. AADCO serves over 3,000 mechanical and collision repair clients across Ontario through its LKQ parts division. AADCO maintains one of the largest unbolted inventory of quality used OEM parts in Canada at its 87,000 sq. ft. facility in Brampton, Ontario. AADCO is the only auto recycler to have been awarded the Ecologo for environmental stewardship.
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: Please contact: AADCO Automotive Inc. - (905) 789-9313, Charles Hodgkinson, CEO, chodgkinson@aadco.ca
