Guest-tek Interactive Entertainment Ltd. announces going private transaction
The Corporation has a relatively simple share structure with 15,825,852 Common Shares outstanding. Currently, less than 30% of the Common Shares are widely held by the public and are thinly traded on the TSX. The remainder of the Common Shares are directly or indirectly held by the shareholders of the Purchaser and M.P. Technologies, Inc. In September, 2009, a special committee comprised of the independent directors of the Corporation was formed to consider the Arrangement. M.P. Technologies, Inc., which holds 14.9% of the Common Shares, has agreed to vote in favour of and otherwise support the Arrangement.
The special committee received from Meyers
The Arrangement Agreement does not contain any stand still or non-solicitation covenants on the part of the Corporation and does not provide for any break fees in the event of a competing bid.
About Guest-tek Interactive Entertainment Ltd.
Guest-tek Interactive Entertainment (Guest-tek(TM)) is the world's largest provider of IP based technology solutions for the hospitality industry. Guest-tek's(TM) OneView(TM) platform provides hotels with converged data, video and telephony services. Guest-tek(TM) is a preferred vendor to major hotel brands, providing services including network design, procurement, implementation, and post sales customer support to 2,668 properties and over 450,000 rooms. Guest-tek's(TM) common shares trade on The
The Company's head offices are in
For further information: Mr. Arnon Levy, President & Chief Executive Officer, Guest-tek Interactive Entertainment Ltd., Telephone: (403) 444-8506, email: [email protected]
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