Tenth Power Technologies Corp. announces the completion of its going private transaction

BURLINGTON, ON, May 17, 2013 /CNW/ - Tenth Power Technologies Corp. ("Tenth Power" or the "Company") (TSX-V:TPI) announced today that it has completed its previously announced "going private transaction" by way of an amalgamation ("Amalgamation") involving the Company and 2372052 Ontario Limited ("Newco").  Specifically, the Company and Newco filed articles of amalgamation which became effective on May 16, 2013. On completion of the Amalgamation, the Company was renamed White Hat Corporation.

The Company also confirms that further to its press release dated May 7, 2013, the common shares of the Corporation were delisted from the TSX Venture Exchange as of market close on May 15, 2013.

Under the terms of the Amalgamation, holders of common shares in the Company (other than certain principal shareholders) will receive $0.01 in cash for each common share held.  Payment of the redemption proceeds will be made to the common shareholders of the Company in accordance with the letters of transmittal submitted by them.  Equity Financial Trust Company, the Company's transfer and depositary agent, will be processing the issuance of cheques to all shareholders.

The Company will now make an application to applicable securities regulatory authorities to cease to be a reporting issuer.

About Tenth Power Technologies Corp.

Tenth Power is a Canadian-based technology and solutions company.  Tenth Power supplies secure business solutions to clients in the telecommunications, financial services, manufacturing, government and health care sectors.  Tenth Power augments proprietary software with product licensing and strategic acquisition of industry-leading services, to design solutions that safeguard information and electronic communications.  The suite of products includes identity and signature authentication, Internet security, safe communication platforms and a secured collaboration environment.  Tenth Power also provides IT security consulting and managed services.

Forward Looking Statements

This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The Company disclaims any obligation to update these forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Tenth Power Technologies Corp.

For further information:

Guy Burry 
Telephone: (905) 332-6677 
Website: www.tenthpowertech.com

Profil de l'entreprise

Tenth Power Technologies Corp.

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