OTTAWA, June 4 /CNW/ - Avalite Inc. (formerly Ramtelecom Inc.) (the
"Corporation"; TSX Venture - RTC) today announced the completion of the sale
of its operating subsidiary, R.A. Misener Telecom Corporation ("Misener
Telecom"), to OmniGlobe Networks Inc ("OmniGlobe") for $2,400,000.00.
The Corporation intends to use the gross proceeds of the sale to pay
related sale expenses and all of Misener Telecom's debt. A "hold-back" amount
from the proceeds of $500,000.00 will be held in escrow for a period of four
months to allow for any post-sale adjustments to the price. The Corporation
intends to retain adequate capital to fund ongoing public company expense and,
if approved by the Board, to return the remaining funds to the Corporation's
shareholders as a dividend. All shareholders will continue to own their shares
in the Corporation. Management has made the appropriate regulatory application
to move the Corporation to the NEX trading exchange to allow time to
investigate future investment opportunities, including potential mergers and
Pursuant to the terms and conditions of the purchase agreement and
approved at the meeting of shareholders of the Corporation on April 17, 2009,
the Corporation has completed its name change and will trade under the symbol
"ALV" on the TSX Venture Exchange. The Corporation's website address will be
discontinued immediately with the new site reachable at www.avalite.com no
later than June 15, 2009.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Avalite Inc. (formerly Ramtelecom Inc.), R. A.
(Ralph) Misener, President and Chief Executive Officer, (613) 791-7780, Email: