Audiotech Healthcare to Hold Special Shareholder Meeting
Posted: Friday Sep 28 12:49:56PM 2012
Audiotech Healthcare to Hold Special Shareholder Meeting in Connection With Proposed Going-Private Transaction
Kamloops, British Columbia CANADA, September 28, 2012 /FSC/ - Audiotech Healthcare Corporation (AUD - TSX Venture),announces (as an update to its prior news releases of July 24 and September 10, 2012) that a special meeting of shareholders will be held on Tuesday, November 27, 2012, at 9:30 a.m. at the offices of Audiotech Healthcare Corporation at Suite 760, First Bank Tower, 175 - 2nd Avenue, Kamloops, British Columbia, at which meeting shareholder approval of a proposed statutory plan of arrangement (the "Arrangement") and delisting of Audiotech's shares from trading on the TSX Venture Exchange will be sought. Further details of the proposed plan of arrangement are contained in the prior news releases of July 24 and September 10, 2012, and an Information Circular prepared by Audiotech's management will be mailed to shareholders on or about October 31, 2012. The record date for the special meeting is Monday, October 22, 2012.
Among other conditions, the Arrangement requires the approval of Audiotech's shareholders by special resolution, as well as majority of the minority approval pursuant to the policies of the TSX Venture Exchange, approval of the Supreme Court of British Columbia and final acceptance by the Exchange of the delisting. The Exchange as conditionally accepted the delisting of Audiotech's shares following completion of the Arrangement.
The parties continue to prepare documentation and work towards obtaining the necessary approvals.
Assuming completion of the proposed Arrangement, the common shares of Audiotech will be delisted and no longer publicly traded and Audiotech will apply under securities legislation to cease reporting in each jurisdiction where it is currently reporting.
Audiotech Healthcare Corporation's common shares are listed and posted for trading on Tier 1 of the TSX Venture Exchange under the symbol "AUD." For more information on Audiotech Healthcare, contact Osvaldo (Ozzie) Iadarola, President & CEO, at (250) 372-5847, or Doren Quinton of QIS Capital, investor relations, at (250) 377-1182, or visit Audiotech Healthcare's website at http://www.audiotech.org. Audiotech Healthcare's public disclosure documents are available for viewing under its issuer profile on SEDAR at http://www.sedar.com.
AUDIOTECH HEALTHCARE CORPORATION
First Bank Building
760-175 Second Avenue
Kamloops, B.C. V2C 5W1
Phone: (250) 372-5847
Fax: (250) 372-3859
Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risks and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein. Forward-looking statements are based on the beliefs, estimates and opinions of the company's management on the date the statements are made. Audiotech Healthcare Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.
Completion of the transaction is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Audiotech Healthcare Corporation should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Neither the 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 news release.