Vancouver, British Columbia – Strategem Capital Corporation (“Strategem” or the “Company”) (TSXV: SGE) announces that it has resolved its income tax disputes with the Canada Revenue Agency (“CRA”) and the Department of Justice (“DOJ”). A mutual consent to judgment has been filed with the Tax Court of Canada, under which the Company’s appeals with respect to its taxation years ended March 31, 2007 and December 31, 2007 will be allowed and its appeals with respect to its taxation years ending December 31, 2008 and December 31, 2009 will be dismissed.
The reassessment of the Company’s taxation year ended March 31, 2007 for an amount of $2,194,301, which the Company paid in 2014, will be vacated and the Company’s payment is to be refunded with accrued refund interest. The reassessment of the Company’s taxation year ended December 31, 2007 for an amount of $761,808, which amount the Company paid in 2014, will be vacated and the Company’s payment is to be refunded with accrued refund interest. In 2013, the Company paid its reassessed 2008 and 2009 tax liabilities. No further amounts will be payable or refundable in respect of those taxation years.
About Strategem Capital Corporation
Strategem is a publicly-traded merchant bank whose investment objective is to provide capital growth through investments in a broad spectrum of diversified investment assets. These investment assets may include securities, mutual funds, government treasury issues, real estate or other related opportunities. Its investments shall be focused, high growth opportunities in private or public companies.