WebTech Wireless Announces Completion of Acquisition of Grey Island
October 26 2009 - 8:45AM
Marketwired
WebTech Wireless Inc. (TSX: WEW) ("WebTech Wireless") and Grey
Island Systems International Inc. (TSX VENTURE: GIS) ("Grey
Island") are pleased to announce that they have completed their
previously announced court-approved plan of arrangement (the
"Arrangement") under the Business Corporations Act (Alberta)
pursuant to which WebTech Wireless has acquired all of the issued
and outstanding common shares of Grey Island.
Under the terms of the Arrangement, former shareholders of Grey
Island receive 0.35 common shares of WebTech Wireless for each
common share of Grey Island, subject to adjustment for fractional
shares. Outstanding options to acquire Grey Island shares have been
exchanged for options to acquire WebTech Wireless shares, with the
exercise price of such options and the number of WebTech Wireless
shares to be acquired on the exercise of such options adjusted in
accordance with the same exchange ratio. The Grey Island common
shares will be delisted from the TSX Venture Exchange in due
course.
In connection with the Arrangement, the board of directors of
WebTech Wireless was increased to seven directors, and is now
comprised of Glen Brownlee (Chairman), Paul Christie, Leonard
Metcalfe, Owen Moore, Dru Narwani, Peter Roberts and Anwar
Sukkarie. Messrs. Christie and Moore are former directors of Grey
Island.
Anwar Sukkarie, President & Chief Executive Officer of
WebTech Wireless, commented, "We would like to thank the Grey
Island shareholders for the close to 90% support of this
arrangement at their meeting earlier in October, and welcome them
to the WebTech Wireless family of shareholders. This brings to
completion a long process during which the benefits of the
acquisition were thoroughly evaluated and debated. From early on we
saw the tremendous value that Grey Island's people and products
could bring to WebTech Wireless' business, and now have every
confidence that it will bring value to our shareholders as
well."
Further details regarding the terms of the Arrangement are set
out in Grey Island's management information circular dated
September 15, 2009, which is available at www.sedar.com.
About WebTech Wireless Inc.
WebTech Wireless 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.
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. Scott Edmonds CFO (+1)
604.419.8135 sedmonds@webtechwireless.com WebTech Wireless Inc. R.
Joe Dhami Investor Relations Contact (+1) 877.811.4518 ext. 462
ir@webtechwireless.com www.webtechwireless.com
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