MONTREAL, Oct. 21 /CNW Telbec/ - Mitec Telecom Inc. ("Mitec") (TSX: MTM), a leading designer and manufacturer of mobile wireless, fixed wireless, broadcast and satellite components, announced today that it has extended the term of 4,650,000 common share purchase warrants that were issued as part of a private placement which closed on October 18, 2006 (the "2006 Warrants") and 18,952,279 common share purchase warrants that were issued as part of a private placement which closed on March 30, 2007 (the "2007 Warrants") (collectively, the "Warrants"). The term of each 2006 Warrant was extended on October 3, 2008, and again on March 16, 2009, and is exercisable for one common share in the capital of the Corporation, at an exercise price of $0.10, until October 30, 2009. The term of each 2007 Warrant was extended on March 16, 2009 and is exercisable for one common share in the capital of the Corporation, at an exercise price of $0.22, until October 30, 2009. Given the current turbulent state of the capital markets, Mitec has extended the expiry date for both the 2006 Warrants and the 2007 Warrants a further twelve months until October 30, 2010 (the "Extension"). None of the Warrants are held by insiders. In all other respects, the terms and conditions of the Warrants remain unchanged. The effective date of the Extension will be from the current expiry date for the Warrants, namely October 30, 2009.
About Mitec Telecom Inc.
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 communications. Headquartered in Montreal, Canada, Mitec also operates facilities in California and China. 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.
SOURCE Mitec Telecom Inc.
For further information: For further information: Mr. Jeffrey Mandel, Director, Investor and Corporate Relations, (514) 694-9000, firstname.lastname@example.org; Source: Mitec Telecom Inc.