SolutionInc Technologies Limited Announces Share Consolidation
Trading Symbol: STL-TSX-V
Shares Issued: 100,041,978
HALIFAX, Nov. 10 /CNW/ - SolutionIncTechnologies Limited (the "Corporation") (TSX-V-STL) announces that at a special meeting of shareholders held on September 17, 2010 (the "Meeting"), shareholders passed a special resolution approving a consolidation of the Corporation's common shares on the basis of one (1) post-consolidation share for up to every ten (10) pre-consolidation shares ("Consolidation") and that the board of directors of the Corporation have approved implementing the Consolidation, subject to the approval of the TSX Venture Exchange.
The Corporation currently has 100,041,978 issued and outstanding common shares. The Consolidation will be conducted on a 10 for 1 basis and the Corporation will have approximately 10,004,197 shares outstanding following the Consolidation. However, the exact number of post-Consolidation shares will vary depending upon the treatment of fractions which will occur when each shareholder's holdings are consolidated. In the event the Consolidation would otherwise result in the issuance of a fractional share, no fractional share will be issued and such fraction will be rounded down to the nearest whole number. Outstanding stock options will similarly be adjusted by the Consolidation ratio.
Management of the Corporation believes that further equity financing may be required in order for the Corporation to fund its operating and working capital requirements. It is management's opinion that the Corporation's existing issued and outstanding share capital is not conducive to completing such additional equity financing, and that the Consolidation is required in order to facilitate attracting new equity investment in the Corporation. In addition, management believes that the Consolidation will make investing in the shares of the Corporation more attractive to a broader range of institutional and professional investors and other members of the investing public. The Corporation will not be changing its name or its trading symbol in conjunction with the Consolidation.
Details of the Consolidation are contained in the Corporation's information circular which is filed on the SEDAR website (www.sedar.com) under the Corporation's profile.
%SEDAR: 00008710E
For further information: For further information:
Media Contact: Glen Lavigne, President and CEO, Telephone, + 1 902 420 0777, [email protected]
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