TORONTO, Feb. 11, 2013 /CNW Telbec/ - Mitec Telecom Inc. ("Mitec") today
announced that its Board of Directors have, subject to regulatory
approval, authorized a share consolidation on the basis of 1 new Common
Share for every 40 existing Common Shares and a name change from "Mitec
Telecom Inc." to "Mitec Technologies Inc."
These actions are being taken pursuant to resolutions that were adopted
with the support of over 95% of the votes cast by shareholders at
Mitec's Shareholders Meeting on October 30, 2012.
Mitec has appointed Olympia Transfer Services Inc. ("Olympia") to act as
its registrar and transfer agent effective February 11, 2013.
A letter of transmittal (the "Letter of Transmittal") will be circulated
to registered shareholders for the purpose of surrendering share
certificates representing pre-Share Consolidation Common Shares in
order to receive new share certificates representing post-Consolidation
Common Shares, reflecting the name Mitec Technologies Inc.. Registered
holders of Common Shares are encouraged to complete and sign the Letter
of Transmittal and deliver it to Mitec's registrar and transfer agent,
Olympia together with certificates representing their Common Shares and
the other required documents in accordance with the instructions
contained in the Letter of Transmittal.
Beneficial holders whose Common Shares are registered in the name of
their broker or of an agent or nominee of that broker should contact
their broker for assistance in depositing their Common Shares and
should follow the instructions of their broker or the agent or nominee
of that broker in order to deposit their Common Shares. Mitec intends
to keep its trading symbol, "MTM.h", currently listed on NEX.
Additional copies of the Letter of Transmittal may be obtained by
contacting Olympia at 1-800-727-4493 or by email to email@example.com. The Letter of Transmittal is also accessible through SEDAR, www.sedar.com.
Mitec also announced the appointment of David Klein, an IT executive, to
Mitec's board, subject to regulatory approval. David Klein
replaces David Parkes, who has resigned as a director. "David Parkes
has been a valuable board member providing both governance and telecom
industry expertise. We are very grateful for his dedication to Mitec
over these many years", said Jeffrey Mandel, Mitec's President and CEO.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: MITEC TELECOM INC.
For further information:
Mr. Jeffrey Mandel
President, CEO & Chairman
Tel.: (416) 972-5066