CALGARY, March 31 /CNW/ - Cheq-IT Ltd. ("CHEQ-IT") (TSXV: CQT) is pleased to announce that the holders of common shares of CHEQ-IT (the "CHEQ-IT Shareholders") have approved the plan of arrangement (the "Arrangement") involving Tuscany International Drilling Inc. ("Tuscany"), CHEQ-IT, CHEQ-IT Solutions Inc., the CHEQ-IT Shareholders and the holders of special warrants of Tuscany pursuant to which Tuscany shall acquire all of the issued and outstanding common shares (the "CHEQ-IT Shares") of CHEQ-IT on the basis of 0.0265 of a common share of Tuscany (a "Tuscany Share") for each 1.0 CHEQ-IT Share. In addition, the Court of Queen's Bench of Alberta has granted the Final Order in respect of the Arrangement. Tuscany has applied to list the Tuscany Shares on the facilities of the Toronto Stock Exchange. Listing will be subject to the fulfillment of the requirements of the Toronto Stock Exchange. It is anticipated that closing of the Arrangement shall occur in mid April upon satisfying such requirements.
About CHEQ-IT Ltd.
CHEQ-IT presently develops, sells and supports cheque writing and electronic fund transfer systems. Operations to date have primarily been focused in southern Alberta, within the oil and gas industry. The CHEQ-IT Shares trade on the TSX Venture Exchange under the symbol CQT.
Neither the 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 CHEQ-IT LTD.
For further information: For further information: W. Glenn Hamilton, Chief Financial Officer, CHEQ-IT Ltd., 410, 816-7th Avenue S.W., Calgary, Alberta, Phone (403) 241-2607, Fax (403) 239-4613