BENEV enters into services agreement with Maxam Capital

January 28
13:12 2014

BENEV Capital Inc. (TSX-V: BEV.H) has entered into a services agreement with Maxam Capital Corp. whereby Maxam will provide, effective as of January 1, 2014, accounting, tax and public company compliance services, head office and infrastructure services and transaction support services to BENEV.

BENEV is relocating to 1245 – 200 Granville Street Vancouver BC V6C 1S4 as part of its initiative to reduce costs and overhead.

Pursuant to the services agreement, Greg Gutmanis, currently VP with Maxam, will assume the position of CFO of BENEV, effective on March 31, 2014, replacing current CFO Fred Cranston.

Gutmanis will report directly to CEO, Sean Morrison, who is also co-Managing Partner of, and the person to whom Gutmanis reports to at, Maxam Capital.

The services agreement will be for a minimum term of 6 months. Either party may terminate upon sixty days prior written notice thereafter. Pursuant to the agreement, BENEV will pay Maxam a monthly service fee of approximately $30,000 plus reasonable out of pocket expenses.

“We are pleased to reduce overhead and head office costs in order to preserve our strong cash position while we search for a transformative transaction” said Morrison. “I would like to thank Mr. Cranston for his dedication to the Corporation and welcome Mr. Gutmanis to BENEV. I believe he will make an excellent addition both in overseeing the accounting as well as assisting in evaluating potential transactions.”

Second City Capital Partners, through Second City PE II, is the single largest shareholder, controlling approximately 23% of BENEV outstanding shares.

Maxam Capital, the manager of Maxam Opportunities Fund, focuses on structured investments in both publicly traded and private companies. Maxam Capital is co-managed by Managing Partners, Morrison and Johnny Ciampi, formerly EVP & Partner of Gibralt Capital and a partner of Second City Capital Partners.

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