WebTech Wireless and Grey Island International Announce Shareholder Approval of Arrangement
October 15 2009 - 5:04PM
Marketwired
WebTech Wireless Inc. (TSX: WEW) ("WebTech") and Grey Island
Systems International Inc. (TSX VENTURE: GIS) ("Grey Island")
announce that Grey Island has today received shareholder approval
with respect to an arrangement under the Business Corporations Act
(Alberta) involving Grey Island and WebTech, pursuant to which
WebTech will acquire all of the outstanding common shares of Grey
Island, pursuant to an arrangement agreement made as of August 6,
2009, as amended on September 2, 2009, between Grey Island and
WebTech.
Grey Island shareholders representing approximately 55% of the
total shares outstanding voted 90% in favour of the
Arrangement.
Said Owen Moore, President of Grey Island, "The overwhelmingly
positive vote to approve this transaction is heartening, and we
thank all of Grey Island's shareholders for their support and
confidence in our management team and staff in the past, and hope
that they continue as shareholders as we continue to build value
with our WebTech colleagues."
Anwar Sukkarie, WebTech CEO stated, "With the formalities now
nearly completed, we look forward to a long and successful
relationship with the Grey Island founders, staff, customers and
shareholders as we take advantage of our combined opportunities in
North America and abroad."
Subject to court approval, the parties intend to close the
transaction on October 26, 2009.
About WebTech Wireless Inc.
WebTech Wireless Inc. (TSX: WEW) is a global telematics and
location-based services provider that develops, manufactures and
delivers end-to-end wireless solutions designed to improve the
productivity, profitability and safety of vehicle fleets. WebTech
Wireless products and services run on GPS and cellular networks and
provide Automatic Vehicle Location, Mapping, Reporting, Vehicle
Diagnostics, Driver Status, In-vehicle Telemetry and Navigation and
Messaging. The Company delivers products and services in over
forty-one countries to a variety of small, medium and Fortune 500
companies, with a particular focus on the transport, service
delivery, government and automotive markets. For more information,
please visit www.webtechwireless.com.
About Grey Island Systems International Inc.
Grey Island Systems International Inc. (TSX VENTURE: GIS),
through its subsidiaries NextBus Inc. in Alameda, California,
InterFleet, Inc. in New York, New York and Grey Island Systems in
Toronto, Canada, is a leading provider of custom real-time GPS/AVL,
security and Telematics solutions as well as real-time passenger
information systems to government and related fleets. To find out
more about our products and services, visit our websites at:
www.interfleet.com or www.nextbus.com.
Forward-looking Statements
This press release contains "forward-looking statements" within
the meaning of applicable Canadian and United States securities
laws. Generally, forward-looking statements can be identified by
the use of the forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Assumptions upon which such forward-looking statements
are based include that WebTech Wireless and Grey Island will be
able to satisfy the conditions in the definitive agreement, that no
materially adverse facts or circumstances will be identified, that
the required approvals will be obtained from the shareholders of
Grey Island, that all third party regulatory and governmental
approvals to the Transaction will be obtained and all other
conditions to the completion of the Transaction will be satisfied
or waived. Many of these assumptions are based on factors and
events that are not within the control of WebTech Wireless and Grey
Island and there is no assurance they will prove to be correct.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of WebTech Wireless and Grey Island to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks
related to product plans, timing, content, and pricing of products,
market and industry expectations, the wireless communications
industry, the mobile fleet industry, and general economic and
political conditions, as well as those factors discussed in the
section entitled "Description of the Business - Risk Factors" in
WebTech Wireless' annual information form for the year ended
December 31, 2008 and although WebTech Wireless and Grey Island
have attempted to identify important factors that could cause
actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not be as anticipated, estimated or intended. There can be
no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. WebTech
Wireless and Grey Island do not undertake to update any
forward-looking statements that are incorporated by reference
herein, except in accordance with applicable securities laws.
All trademarks and brands mentioned in this release are the
property of their respective owners.
The Toronto Stock Exchange does not accept responsibility for
the adequacy or accuracy of this release.
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.
Contacts: WebTech Wireless Inc. R. Joe Dhami (+1) 877.811.4518
ext. 462 ir@webtechwireless.com www.webtechwireless.com Grey Island
Systems International Inc. Owen Moore President (+1) 416.348.9991
owenm@interfleet.com www.greyisland.com
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