Trading Symbol: STL-TSX-V
Shares Issued: 10,004,197
HALIFAX, Dec. 2 /CNW/ - SolutionInc Technologies Limited (the "Corporation") (TSX-V-STL) previously announced that at a special meeting of shareholders of the Corporation (the "Meeting"), the 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"). The TSX Venture Exchange has approved the Consolidation.
Prior to the Consolidation the Corporation had 100,041,978. 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. The Consolidation will be effective for trading purposes on the TSX Venture Exchange as of December 2, 2010.
With operations in more than 45 countries worldwide, SolutionInc is an established global leader in Internet, centralized hotspot connectivity, billing and management solutions. SolutionInc provides patented software and services to the hospitality and telecommunications industries through its award-winning, technology software products: SolutionIP™ and SolutionIP™ Enterprise. Through 700,000+ touch points, SolutionIP™ allows people to easily and securely connect to the Internet from locations such as hotel rooms, convention centres, universities, restaurants and airports. SolutionInc holds a robust patent and patent-pending portfolio and is a trademark and a wholly-owned subsidiary of SolutionInc Technologies Limited (STL-TSX-V). For more information, please visit www.solutioninc.com .
Statements about the Company's future plans and intentions, results, levels of activity, performance, goals or achievements or other future events constitute forward-looking statements. Wherever possible, words such as "may," "will," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," or "potential" or the negative or other variations of these words, or other similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to Management. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what Management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: general economic and market segment conditions, competitor activity, product capability and acceptance, international risk, currency exchange rates, and technology changes. More detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in the Risk Assessment section of the March 31, 2010 Management Discussion and Analysis.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: For further information:
Glen Lavigne, President and CEO
Telephone +1 902 420 0777 ext. 350