ST. ALBERT, AB, Dec. 23, 2013 /CNW/ - Roadking Travel Centres Inc. (NEX - RKG.H) today announces that it has settled a contingent claim with CAT Scale Company which related to obligations that survived the sale of the Company's travel centres in 2007 and 2008. The aggregate settlement payment totaled $50,000 USD.
The Company believes that the CAT Scale contingent liability, which represented a maximum exposure of approximately $580,000 as at September 30, 2013, negatively impacted its ability to complete an accretive business acquisition or pursue other strategic alternatives.
Accordingly, this settlement removes a significant impediment to moving the Company forward.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Roadking Travel Centres Inc.