TORONTO, Oct. 28 /CNW/ - LOREX Technology Inc. (the "Company") (NEX: LOX.H) would like to announce that 95% of all votes cast by shareholders at the Special Meeting of Shareholders held on October 27, 2009, were voted in favour of the creation of the preference shares (the "Preference Shares") described in the Company's information circular dated October 2, 2009.
As the creation of the Preference Shares has now been approved, pursuant to the previously completed private placement, the terms and conditions of which can be found in the Company's press release dated August 24, 2009, each of the 12,500,000 previously issued subscription receipts will be converted, at no additional cost to the investors, into Preference Shares on a one for one basis upon the filing of the articles of amendment.
About LOREX Technology Inc.:
LOREX provides businesses and consumers with leading edge video surveillance security solutions and sells its products through distinct market channels under the LOREX and Digimerge brands. The LOREX brand, which caters to both small business and consumer markets, is available in over 9,000 retail locations across North America and the U.K. and has an established market presence online selling through major e-tailers and through its in-house webstore. The Digimerge division distributes its products through major distributors in both North America and Europe. Both groups concentrate on the sale of wired, wireless and IP security surveillance equipment including cameras, digital video recorders and all-in-one systems.
LOREX subsidiaries include; LOREX Canada Inc., Digimerge Technologies Inc., LOREX Corporation and Strategic Vista Corporation Limited, Hong Kong.
Certain information included in this news release contains statements that are forward-looking, such as the statements about financing alternatives. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Full financial statements along with Management's Discussion and Analysis can be obtained from SEDAR at www.sedar.com
SOURCE LOREX Technology Inc.
For further information: For further information: Adam Levin, Director, LOREX Technology Inc., Phone: (216) 595-9828 ext 105, www.lorextechnology.com