NEWS IN BRIEF; West Pride changes course, moves into granite

A planned reverse takeover of West Pride Industries (VSE) will result in a change in the company’s principal business.

West Pride reached an agreement in principle to purchase all the outstanding shares of Pacific Granistone, a private company involved in the quarrying, production and distribution of granite and granite products. The purchase constitutes a reverse takeover, with the owners of Pacific Granistone receiving about 91.4% of the outstanding shares of the newly formed company and West Pride shareholders receiving the balance. Concurrent with the reverse takeover, West Pride will be consolidated on the basis of one new share for every 12 old shares and the company’s name will be changed to Pacific Granite.

The new company, on completion of the takeover, will have about seven million shares and will try to raise at least $1 million through a public financing.