|By Marketwired .||
|July 17, 2014 06:13 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/17/14 -- Webtech Wireless Inc. (TSX:WEW) ("Webtech" or the "Company"), a leading provider of vehicle fleet location-based services and telematics technology, announces that it is proceeding to effect a consolidation of its common shares as previously approved by its shareholders at its recent annual and special meeting.
At the annual and special meeting of Webtech shareholders held on May 9, 2014, shareholders approved by special resolution a consolidation of Webtech's common shares on the basis of one post-consolidation common share for up to every five currently issued and outstanding common shares, and granted the Webtech board of directors discretion to establish the specific consolidation ratio. The Webtech board of directors has determined the ratio to be one post-consolidation common share for every five issued and outstanding common shares.
Subject to regulatory approval, including the approval of the Toronto Stock Exchange, the Company anticipates that its common shares will begin trading on the Toronto Stock Exchange on a post-consolidation basis on July 29, 2014. The number of currently issued and outstanding common shares is 103,075,511. The number of common shares outstanding following the consolidation will be approximately 20,615,102. No fractional common shares will be issued and no cash will be paid in lieu of fractional post-consolidation common shares but the number of common shares to be received by a shareholder will be rounded down to the nearest whole common share in the event that such shareholder would otherwise be entitled to receive less than 0.5 of one whole common share, or up to the nearest whole common share in the event that such shareholder would otherwise be entitled to receive 0.5 or greater of a whole common share.
A letter of transmittal will be sent by mail to shareholders advising that the share consolidation has taken effect and instructing shareholders to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the consolidation. Until surrendered, each certificate will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation.
About Webtech Wireless®
Webtech Wireless (TSX:WEW) is a leader in providing fleet management telematics, GPS and automatic vehicle location (AVL) solutions that improve efficiency, accountability and reduce costs. Our end-to-end solutions automate record keeping and regulatory compliance, reduce fuel burn and idling, mitigate risk, and keep drivers safe. Managers trust us to ensure people are accountable and vehicles are visible. Through the cloud, in the office, or straight to mobile devices, we deliver Fleet Intelligence Anywhere(TM). Our products are InterFleet®, for government winter maintenance, public works and waste management fleets; and Quadrant®, for commercial fleet operations and compliance (HOS, ELD). Please visit www.webtechwireless.com.
This news release may contain forward-looking statements involving risks and uncertainties pertaining to, but not limited to, the Company's plans to effect a consolidation of its common shares, the ratio of such consolidation and the anticipated timing of commencement of trading on a post-consolidation basis. Given the risks and uncertainties inherent in the markets and industries referred to in this news release, Webtech Wireless cannot guarantee that any forward-looking statements will be realized. The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release. Trademarks are the property of their owners.
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