FreshXtend Announces Results of Special Meeting of Shareholders
December 08 2008 - 6:51PM
Marketwired
FreshXtend Technologies Corp. (TSX VENTURE: FXT) ("FreshXtend" or
"the Company") announces that, further to the news release dated
November 26, 2008 the Company held its Special Meeting of
Shareholders on Monday, December 8th, 2008 (the "Meeting") wherein
the Shareholders were asked to vote with respect to a proposed
reorganization plan (the "Reorganization Plan") that would include
an amalgamation of FreshXtend with 832124 BC Ltd., and the
delisting of the Company's shares from the TSX Venture Exchange
thereafter.
The Reorganization Plan includes the amalgamation of FreshXtend
Technologies Corp. and 832124 BC Ltd. ("Subco") to form an
amalgamated entity which will continue to be named "FreshXtend
Technologies Corp." ("New FreshXtend"). Subco is a wholly-owned
subsidiary of FreshXtend International Pty Ltd. ("Newco"), an
Australian private company. Pursuant to the amalgamation, the
issued and outstanding common shares of FreshXtend will be
exchanged for Class A preferred shares of New FreshXtend.
Immediately after the amalgamation, New FreshXtend will redeem the
outstanding Class A preferred shares, such that holders thereof
will receive either a cash payment of CDN$0.03 per FreshXtend share
held, or one ordinary share in the capital of Newco for every 50
FreshXtend shares held. At the Meeting, FreshXtend's shareholders
overwhelmingly supported and approved the Reorganization Plan,
including the proposed bylaws and articles of New FreshXtend.
Following Approval of the Reorganization Plan, FreshXtend
applied to the TSX Venture Exchange to have its common shares,
which will be wholly-owned by Newco, delisted from trading.
FreshXtend also intends to make all required applications to cease
being a reporting issuer in the Provinces of British Columbia and
Alberta.
FreshXtend Technologies Corp.
Roy Robinson, Director
Trading symbol: FXT (TSX-V)
Manual Listing S & P's Industrial & Int'l, 12g (3)b
Exemption: #82-2190
The statements in this news release may contain certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Exchange Act of 1934
and are subject to the safe harbour created by these sections.
Actual results may differ materially from the Company's
expectations. The TSX Venture Exchange has neither approved nor
disapproved the contents of this news release.
The TSX Venture Exchange has not reviewed nor accepted
responsibility for the adequacy or accuracy of the contents of this
news release which has been prepared by management.
Contacts: FreshXtend Technologies Corp. Roy Robinson Director
(604) 322-0759 (604) 322-0487 (FAX) Website: www.freshxtend.com
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