CALGARY, Oct. 24, 2012 /CNW/ -Inventronics Limited ("Inventronics" or the "Corporation") (IVX:TSX Venture), a designer and manufacturer of custom enclosures for the telecommunications, electric transmission, cable television and other industries in North America, today announced the filing of an early warning report by 1437891 Alberta Ltd, the Corporation's controlling shareholder.
On October 24, 2012, each of the four members of Inventronics senior management team ("Management Group") were granted 100,000 options, or in aggregate 400,000 options, for the common shares of Inventronics with an exercise price of $0.10. The Management Group are the sole shareholders of 1437891 Alberta Limited which holds a controlling interest in Inventronics amounting to approximately 68.6% of the issued and outstanding common shares of Inventronics.
Assuming all the options were vested, the common shares of Inventronics issuable upon exercise of the options would represent 8.3% of the then outstanding common shares of Inventronics. Assuming all of the options identified above were vested and were exercised, 1437891 Alberta Limited, together with the Management Group, would beneficially own or control, directly or indirectly, 3,475,000 common shares of Inventronics, representing approximately 72.3% of the total issued and outstanding common shares of Inventronics.
The options for common shares of Inventronics were granted in respect of the Management Group's service and continuing commitment to Inventronics. 1437891 Alberta Limited, or members of the Management Group, may acquire, directly or indirectly, additional securities of Inventronics from time to time depending on market conditions.
Inventronics relied on Section 2.24 of National Instrument 45-106 - Prospectus and Registration Exemptions for the grant of options to the members of the Management Group as each member of the Management Group is a director, officer and/or employee of Inventronics.
Inventronics Limited designs and manufactures custom enclosures and other products for an array of customers in the telecommunications, electric utility, cable television, electronics and computer services industries in North America. The Corporation owns its ISO 9001-registered production facility in Brandon, Manitoba.
Shares of Inventronics trade on the TSX Venture Exchange under the symbol "IVX." For more information about the Corporation, its products and its services, go to www.inventronics.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Inventronics Limited
For further information:
OR FOR A COPY OF THE EARLY WARNING REPORT PLEASE CONTACT:
W. Garth Wilson, CFO
1437891 Alberta Ltd.
2400, 525 - 8th Avenue SW
Calgary, AB T2P 1G1