TORONTO, Dec. 13, 2018 /CNW/ - Symbility Solutions Inc. ("Symbility"), (TSXV: SY), a global software company focused on modernizing the insurance industry, announced that at a special meeting of securityholders held earlier today (the "Meeting"), Symbility securityholders voted in favour of the proposed transaction pursuant to which CoreLogic, Inc. ("CoreLogic") will acquire, through a wholly-owned subsidiary, all of the issued and outstanding common shares of Symbility by way of plan of arrangement under Section 193 of the Business Corporations Act (Alberta) (the "Arrangement"). The Arrangement was approved by the Symbility securityholders eligible to vote at the Meeting as follows:
- In respect of all votes cast by shareholders and optionholders voting together as a single class, the Arrangement was approved by 99.5 percent of the total votes cast;
- In respect of all votes cast by shareholders only, the Arrangement was approved by 99.6 percent of the total votes cast; and
- In respect of all votes cast by shareholders of Symbility other than those required to be excluded by law, the Arrangement was approved by 99.2 percent of the total votes cast.
Completion of the Arrangement remains conditional on approval by the Court of Queen's Bench of Alberta, the TSX Venture Exchange and certain other closing conditions customary in transactions of this nature. Subject to obtaining such court approval, and the satisfaction or waiver of all other conditions precedent to the Arrangement, it is anticipated that the Arrangement will be completed before year-end.
Symbility believes in creating world-class experiences that simplify business and improve lives. With a history in modernizing insurance claims solutions for the property and health industries, Symbility has established itself as a partner that puts security, efficiency and customer experience first. Symbility PROPERTY™ brings smarter thinking to property insurance. Our strategic services team, Symbility INTERSECT™ empowers a variety of businesses with smarter mobile and IoT product development strategy, design thinking and engineering excellence. We push industries forward and prove that change for the better is entirely possible. For more information, please visit www.symbilitysolutions.com.
LEGAL NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" about the proposed Arrangement within the meaning of applicable Canada securities legislation. These forwarding-looking statements in this news release are related to, but are not limited to, matters with respect to the timing, completion and approval of the Arrangement. Forward-looking statements typically contain statements with words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions.
There can be no assurance that the Arrangement will occur or that the anticipated benefits described in Symbility's management proxy circular dated Nov. 13, 2018 will be realized. The Arrangement is subject to court approval, TSX Venture Exchange approval and the fulfilment of certain conditions, and there can be no assurance that any such approvals will be obtained and/or any such conditions will be met. The Arrangement could be modified, restricted or terminated.
Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Symbility's expectations only as of the date of this news release. Symbility disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.
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.
All trade names are the property of their respective owners.
SOURCE Symbility Solutions Inc.
For further information: MEDIA CONTACTS: James R. Swayze, chief executive officer, (647) 775- 8603, [email protected]; Blair R. Baxter, chief financial officer, (647) 775-8608, [email protected]; Lucy De Oliveira, vp, global marketing, (647) 775-8607, [email protected]