MONTREAL, Nov. 18, 2011 /CNW Telbec/ - Mitec Telecom Inc. ("Mitec")
(TSX: MTM) today announced that it expects the initial closing relating
to the previously announced Letter of Intent to acquire certain assets
representing Mitec's VSAT division from a group of Mitec senior
employees (the "Proposed Transaction") will occur on or about
December 15, 2011. Mitec previously announced that the initial closing
for this Proposed Transaction will take place on December 1, 2011.
Mitec is encouraged with the progress it has made with Mitec senior
employees, advisors and financial partners to be in a position to
conclude the Proposed Transaction during the month of December, 2011 in
one or more closings as previously announced.
At that time, it is possible that Mitec's securities may be delisted
from the Toronto Stock Exchange (the "TSX"), if the TSX determines,
following its review, that Mitec will no longer meet the TSX's
continued listing requirements. If Mitec's common shares are to be
delisted from the TSX, it would then take steps to make an application
for listing on an alternative exchange in Canada. However, Mitec
believes that based on the work it continues to do relating to Mitec's
future operations and strategy for the company's future, that it has
compelling reasons to maintain its TSX listing following such a review.
About Mitec Telecom
Mitec is a leading designer and provider of radio frequency (RF)
products for the telecommunications and satellite communications
industries, as well as a variety of other sectors. Mitec sells its
products worldwide to network providers for incorporation into
high-performing wireless networks used in voice and data/internet
Mitec is located in Montreal, Canada. Mitec is listed on the Toronto
Stock Exchange under the symbol MTM. On-line information about Mitec is
available at www.mitectelecom.com.
SOURCE MITEC TELECOM INC.
For further information:
| Source: || Mitec Telecom Inc. |
| Contact: |
| Mr. Jeffrey Mandel |
President, Chief Executive Officer and Chairman of the Board of Directors
Tel.: (514) 694-9000