MISSISSAUGA, ON, May 7, 2013 /CNW/ - Tenth Power Technologies Corp. ("Tenth Power" or the "Company") (TSX-V:TPI) today announced that its shareholders had, at an annual general and special meeting held today, voted (including a vote conducted on a disinterested shareholder basis) in favour of the proposed "going private transaction," all as previously described in the Company's Management Information Circular dated April 10, 2013 and previous press releases.
It is the Company's intention to complete its proposed going private transaction by filing articles of amalgamation on or about May 15, 2013. Assuming the transaction is completed, (i) shareholders of Tenth Power (other than certain principal shareholders) will see their shares redeemed for $0.01 per common share of Tenth Power held and (ii) the Company will apply to delist its shares from the TSX Venture Exchange and seek an order of applicable securities regulatory authorities that the Company is no longer a "reporting issuer".
About Tenth Power Technologies Corp.
Tenth Power is a Canadian-based technology and solutions company. Tenth Power supplies secure business solutions to clients in the telecommunications, financial services, manufacturing, government and health care sectors. Tenth Power augments proprietary software with product licensing and strategic acquisition of industry-leading services, to design solutions that safeguard information and electronic communications. The suite of products includes identity and signature authentication, Internet security, safe communication platforms and a secured collaboration environment. Tenth Power also provides IT security consulting and managed services.
Forward Looking Statements
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The Company disclaims any obligation to update these forward-looking statements.
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.
SOURCE: Tenth Power Technologies Corp.
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