OTTAWA, April 27, 2012 /CNW/ - Infinova (Canada) Ltd. ("Infinova Canada") announces that, it has acquired ownership of 18,051,147 common shares (the "Shares") of March Networks Corporation ("March Networks"), representing 100% of the issued and outstanding Shares. The Shares were acquired at a price of $5.00 per Share, payable in cash, pursuant to a court-approved arrangement under section 192 of the Canada Business Corporations Act (the "Arrangement").
The purpose of the Arrangement was to enable Infinova Canada to acquire 100% of the Shares. Upon completion of the Arrangement, March Networks became a wholly-owned subsidiary of Infinova Canada, and Infinova Canada expects that the Shares will be delisted from the Toronto Stock Exchange within the next few days.
Infinova (Canada) Ltd.
c/o Infinova Corporation
51 Stouts Lane
Monmouth Junction, New Jersey
For further information:
Stephan Cannellos at (508) 948-0418.