MISSISSAUGA, ON,
May 7, 2013 /CNW/ - Tenth Power
Technologies Corp. ("Tenth Power" or the "Company")
(TSX-V:TPI) today announced that its shareholders had, at an annual
general and special meeting held today, voted (including a vote
conducted on a disinterested shareholder basis) in favour of the
proposed "going private transaction," all as previously described
in the Company's Management Information Circular dated April 10, 2013 and previous press releases.
It is the Company's intention to complete its
proposed going private transaction by filing articles of
amalgamation on or about May 15,
2013. Assuming the transaction is completed, (i)
shareholders of Tenth Power (other than certain principal
shareholders) will see their shares redeemed for $0.01 per common share of Tenth Power held and
(ii) the Company will apply to delist its shares from the TSX
Venture Exchange and seek an order of applicable securities
regulatory authorities that the Company is no longer a "reporting
issuer".
About Tenth Power Technologies Corp.
Tenth Power is a Canadian-based technology and
solutions company. Tenth Power supplies secure business
solutions to clients in the telecommunications, financial services,
manufacturing, government and health care sectors. Tenth
Power augments proprietary software with product licensing and
strategic acquisition of industry-leading services, to design
solutions that safeguard information and electronic
communications. The suite of products includes identity and
signature authentication, Internet security, safe communication
platforms and a secured collaboration environment. Tenth
Power also provides IT security consulting and managed
services.
Forward Looking Statements
This press release contains forward-looking
statements which reflect the Company's current expectations
regarding future events. The forward-looking statements involve
risks and uncertainties. Actual results could differ materially
from those projected herein. The Company disclaims any obligation
to update these forward-looking statements.
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.
SOURCE Tenth Power Technologies Corp.