OMT Shareholders Vote in Favour of Share Consolidation, Change of Control and Director Appointments
June 22 2011 - 5:54PM
Marketwired
OMT Inc. (TSX VENTURE: OMT) ("OMT") held its annual general and
special meeting of shareholders today and received strong
shareholder support for all resolutions on the meeting agenda.
As previously announced, OMT has closed a non-brokered private
placement offering of subscription receipts ("Subscription
Receipts") and has issued 15 million Subscription Receipts, at a
price per $0.05 per Subscription Receipt, for aggregate gross
proceeds of $750,000. The conversion of the Subscription Receipts
into common shares and warrants of OMT is subject to certain
conditions as previously announced.
At the shareholder meeting today, the following was
approved:
-- Consolidation of OMT's authorized and issued common shares on a nine (9)
pre-consolidation common shares for one (1) post-consolidation common
share basis;
-- A change of control of OMT that will result from the conversion of the
Subscription Receipts into common shares and warrants of OMT, and the
consolidation of the common shares of OMT. With this conversion, Emprise
Special Opportunities Fund Limited Partnership will become a controlling
shareholder of OMT.
Having received the support of its shareholders, OMT will now
advance the remaining conditions of the private placement,
including OMT reaching new arrangements with its debt and debenture
holders and final TSX Venture Exchange approval for all proposed
transactions. The consolidation of OMT's common shares will not
take place until all conditions of the private placement are
satisfied.
OMT also concluded other business matters, including the
re-election of Bill Baines, Rick Workman, Ken Bicknell and Murray
Bamforth as directors, approval of a revised stock option plan and
the reappointment of Ernst & Young as its auditors.
About OMT
OMT Inc. (TSX VENTURE: OMT) is a technology solutions and
content provider to the broadcast and entertainment industries
across North America and Internationally. iMediaTouch is OMT's
radio broadcast solution used by our clients to distribute audio
content heard by millions of people worldwide through television,
radio, satellite, cable and internet broadcasts. To learn more
about our Company, products and services, visit www.omt.net.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release.
Contacts: OMT Inc. Bill Baines President & CEO (204)
975-0792 bbaines@omt.net
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