TORONTO, Aug. 11 /CNW/ - Pierre Alexandre, 6705570 Canada Inc., Eric Alexandre, 1684182 Ontario (International) LP ("1684182 International") and 1684182 Ontario LP ("1684182 Ontario") (collectively the "Shareholder Parties") today announced that the voting agreement (the "Voting Agreement") dated June 26, 2008 among the Shareholder Parties and Orbit Garant Drilling Inc. ("Orbit Garant") has terminated.
The Voting Agreement provided that (i) Orbit Garant would nominate, and the Shareholder Parties, agreed to vote in favour of, certain persons as directors of Orbit Garant and (ii) the Shareholder Parties would vote their common shares of Orbit Garant ("Common Shares") in the same manner on any matter that may come before the shareholders of Orbit Garant. The Shareholder Parties have executed a termination agreement confirming that the Voting Agreement has terminated and is of no further effect.
Pierre Alexandre currently controls a total of 10,300,451 common shares, representing approximately 31.5% of the 32,738,684 issued and outstanding common shares. Pierre Alexandre also holds options exerciseable for 110,000 common shares.
1684182 Ontario Inc., as general partner of each general partner of 1684182 International and 1684182 Ontario, currently controls a total of 5,491,550 common shares, representing approximately 16.8% of the 32,738,684 issued and outstanding common shares.
Each of Pierre Alexandre, 1684182 International and 1684182 Ontario holds its common shares for investment purposes only and may, subject to market conditions and in accordance with applicable securities laws, take other actions in respect of its investment in Orbit Garant, including making additional investments in or effecting dispositions of securities of Orbit Garant, including additional purchases of common shares.
SOURCE 1684182 ONTARIO (INTERNATIONAL) LP
For further information: For further information: (including a copy of the report to be filed with Canadian securities regulators in connection with this transaction) can be obtained by contacting: James C. Johnson, Director, 1684182 Ontario Inc., (416) 847-1170; Eric Alexandre, (819) 824-2707, ext. 233