MISSISSAUGA, ON, May 7, 2013 /CNW/ - Tenth Power Technologies Corp. ("Tenth Power" or the "Company") (TSX-V:TPI) today announced that its shareholders had, at an annual
general and special meeting held today, voted (including a vote
conducted on a disinterested shareholder basis) in favour of the
proposed "going private transaction," all as previously described in
the Company's Management Information Circular dated April 10, 2013 and
previous press releases.
It is the Company's intention to complete its proposed going private
transaction by filing articles of amalgamation on or about May 15,
2013. Assuming the transaction is completed, (i) shareholders of Tenth
Power (other than certain principal shareholders) will see their shares
redeemed for $0.01 per common share of Tenth Power held and (ii) the
Company will apply to delist its shares from the TSX Venture Exchange
and seek an order of applicable securities regulatory authorities that
the Company is no longer a "reporting issuer".
About Tenth Power Technologies Corp.
Tenth Power is a Canadian-based technology and solutions company. Tenth
Power supplies secure business solutions to clients in the
telecommunications, financial services, manufacturing, government and
health care sectors. Tenth Power augments proprietary software with
product licensing and strategic acquisition of industry-leading
services, to design solutions that safeguard information and electronic
communications. The suite of products includes identity and signature
authentication, Internet security, safe communication platforms and a
secured collaboration environment. Tenth Power also provides IT
security consulting and managed services.
Forward Looking Statements
This press release contains forward-looking statements which reflect the
Company's current expectations regarding future events. The
forward-looking statements involve risks and uncertainties. Actual
results could differ materially from those projected herein. The
Company disclaims any obligation to update these forward-looking
Neither TSX Venture Exchange nor its Regulation Services 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: Tenth Power Technologies Corp.
For further information:
Telephone: (905) 332-6677