TORONTO,
Feb. 11, 2013 /CNW Telbec/ - Mitec
Telecom Inc. ("Mitec") today announced that its Board of Directors
have, subject to regulatory approval, authorized a share
consolidation on the basis of 1 new Common Share for every 40
existing Common Shares and a name change from "Mitec Telecom Inc."
to "Mitec Technologies Inc."
These actions are being taken pursuant to
resolutions that were adopted with the support of over 95% of the
votes cast by shareholders at Mitec's Shareholders Meeting on
October 30, 2012.
Mitec has appointed Olympia Transfer Services
Inc. ("Olympia") to act as its registrar and transfer agent
effective February 11, 2013.
A letter of transmittal (the "Letter of
Transmittal") will be circulated to registered shareholders for the
purpose of surrendering share certificates representing pre-Share
Consolidation Common Shares in order to receive new share
certificates representing post-Consolidation Common Shares,
reflecting the name Mitec Technologies Inc.. Registered
holders of Common Shares are encouraged to complete and sign the
Letter of Transmittal and deliver it to Mitec's registrar and
transfer agent, Olympia together
with certificates representing their Common Shares and the other
required documents in accordance with the instructions contained in
the Letter of Transmittal.
Beneficial holders whose Common Shares are
registered in the name of their broker or of an agent or nominee of
that broker should contact their broker for assistance in
depositing their Common Shares and should follow the instructions
of their broker or the agent or nominee of that broker in order to
deposit their Common Shares. Mitec intends to keep its
trading symbol, "MTM.h", currently listed on NEX.
Additional copies of the Letter of Transmittal
may be obtained by contacting Olympia at 1-800-727-4493 or by email to
corporateactions@olympiatrust.com. The Letter of Transmittal
is also accessible through SEDAR, www.sedar.com.
Mitec also announced the appointment
of David Klein, an IT
executive, to Mitec's board, subject to regulatory approval.
David Klein
replaces David Parkes, who has
resigned as a director. "David
Parkes has been a valuable board member providing both
governance and telecom industry expertise. We are very grateful for
his dedication to Mitec over these many years", said Jeffrey Mandel, Mitec's President and CEO.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE MITEC TELECOM INC.