BURLINGTON, ON, May 16, 2013 /CNW/ - Tenth Power Technologies Corp. ("Tenth Power" or the "Company") (TSX-V:TPI) announced today that it has completed its previously
announced "going private transaction" by way of an amalgamation
("Amalgamation") involving the Company and 2372052 Ontario Limited
("Newco"). Specifically, the Company and Newco filed articles of
amalgamation which became effective on May 16, 2013. On completion of
the Amalgamation, the Company was renamed White Hat Corporation.
The Company also confirms that further to its press release dated May 7,
2013, the common shares of the Corporation were delisted from the TSX
Venture Exchange as of market close on May 15, 2013.
Under the terms of the Amalgamation, holders of common shares in the
Company (other than certain principal shareholders) will receive $0.01
in cash for each common share held. Payment of the redemption proceeds
will be made to the common shareholders of the Company in accordance
with the letters of transmittal submitted by them. Equity Financial
Trust Company, the Company's transfer and depositary agent, will be
processing the issuance of cheques to all shareholders.
The Company will now make an application to applicable securities
regulatory authorities to cease to be 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