MONTREAL, June 5, 2012 /CNW Telbec/ - Mitec Telecom Inc. ("Mitec") (TSX: MTM), today announced that its shares will commence trading on NEX effective at the opening of TSX Venture Exchange trading hours on June 8, 2012.
Mitec's trading symbol will be "MTM.H", indicating its NEX listing. Mitec's transition from the TSX to the NEX provides a more flexible listing status that allows it to continue to evaluate opportunities going forward and reduces listing costs significantly. Other than adding ".H" to Mitec's listing symbol, there are no other changes relating to Mitec's transition to the NEX market.
As previously announced, Mitec applied to voluntarily delist its common shares for trading on the Toronto Stock Exchange, which will occur at the close of business on June 7, 2012.
Mitec has also determined that it is in its best interests at this time to reduce its Board of Directors from five members to three, and has accepted the resignations of Hubert Marleau and Robert Boisjoli. "Both Mr. Marleau and Mr. Boisjoli have assisted Mitec in successfully resolving significant challenges that have faced the company over these many years and we thank them for the valuable contributions they have made", commented Jeffrey Mandel, President and CEO of Mitec.
About Mitec Telecom Inc.
Mitec is a leading designer and provider of radio frequency (RF) products for the telecommunications industry. Mitec sells its products worldwide to network providers for incorporation into high-performing wireless networks used in voice and data/internet communications. 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.
Certain statements in this release, including statements regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for Mitec's products, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in Mitec's public filings with the appropriate securities regulatory authorities.
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.
For further information:
Source: Mitec Telecom Inc.
Mr. Jeffrey Mandel
President, CEO and Chairman, Mitec Telecom Inc.
Tel.: (514) 694-9000