BURLINGTON, ON,
April 10, 2013 /CNW/ - Tenth Power
Technologies Corp. ("Tenth Power" or the "Company")
(TSX-V:TPI) confirms, further to its press release of March 13, 2013, that it intends to effect a going
private transaction (the "Transaction").
In connection with this intended Transaction,
the Company has called a shareholder meeting for May 7, 2013 at which meeting the shareholders of
the Company will be asked to vote on the proposed
Transaction. The Transaction will require, among other
things, the approval of the "majority of the minority", as required
under Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions. Guy Bury, Dennis
Bernhard, Wayne McDowell and
certain other interested parties holding approximately 34.7% of the
Company's common shares are "interested parties" and will not be
able to vote in favour of the Transaction.
In connection with the Transaction, the Company
has obtained a valuation from Klein Farber Corporate Finance
Inc. In light of the valuation and other factors, the
offering price for the minority shares is $0.01 per share.
There can be no assurance that the proposed
Transaction will be approved by Shareholders, or if approved,
completed.
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.