TigerTel Completes Amalgamation With 7212747 Canada Inc.
October 22 2009 - 4:25PM
Marketwired
TigerTel Communications Inc. ("TigerTel") (TSX VENTURE: TTL) has
confirmed that, effective at 12:01 a.m. today, it amalgamated with
7212747 Canada Inc. ("Swiftco") to form a company also to be known
as "TigerTel Communications Inc." ("Amalco"). The amalgamation was
completed pursuant to the terms of a business combination agreement
between TigerTel and Swiftco made September 8, 2009 ("BCA") and was
approved by the shareholders of TigerTel at its Annual and Special
Meeting of Shareholders held on October 20, 2009.
Effective upon the amalgamation, all of the common shares of
TigerTel, other than those held by Swiftco, were converted into an
equal number of Amalco Redeemable Preferred Shares, which shares
were immediately redeemed for $0.25 cash per share. The
shareholders of Swiftco have become the shareholders of Amalco.
Amalco has applied to have its shares delisted from trading on the
TSX Venture Exchange, which is expected to occur as early as close
of business on October 23, 2009. It is also applying to cease to be
a reporting issuer in each of British Columbia, Alberta and
Ontario, and consequently become a private company.
As required under the terms of the BCA, prior to the completion
of the amalgamation, Swiftco deposited with Equity Transfer &
Trust Company, as depositary, the aggregate redemption price of all
of the Amalco Redeemable Preferred Shares that were issuable upon
the amalgamation. Registered holders of such shares may obtain the
redemption amount for their shares by following the instructions
set out in the TigerTel Management Information Circular relating to
the Annual and Special Meeting and the Letter of Transmittal that
accompanied same, copies of which are available on SEDAR at
www.sedar.com. Beneficial holders of such shares are advised to
consult their investment dealer, broker, bank manager or other
professional advisor in respect of completing such redemption and
obtaining the redemption price for their shares.
Amalco is controlled by Douglas D. Swift, TigerTel's President
and CEO, Donald H. Swift, the former Chairman of TigerTel's Board
of Directors, and five members of TigerTel's senior management
team.
This news release may contain forward-looking statements that
involve risks and uncertainties and are based on current
expectations of TigerTel. Consequently, actual results could differ
materially from the expectations expressed in such forward-looking
statements.
About TigerTel
TigerTel, a Canadian call center organization, specializes in
inbound and outbound call center solutions and services for clients
throughout North America. With multiple call centers across Canada,
TigerTel has built an infrastructure that provides personalized
services to our clients while at the same time delivering
world-class results at every level. TigerTel's vision is to provide
interactive communication solutions for our clients and their
customers by a team focused on service excellence, personal
integrity and technical innovation.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content on this
news release.
Contacts: TigerTel Communications Inc. P. Livingstone
905-629-7190
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