TigerTel Shareholders Approve Amalgamation With 7212747 Canada Inc.
October 20 2009 - 11:18AM
Marketwired
TigerTel Communications Inc. ("TigerTel")(TSX VENTURE: TTL) has
confirmed that its proposed amalgamation with 7212747 Canada Inc.
("Swiftco") to form a company to be known as "TigerTel
Communications Inc." ("Amalco") was approved today at the Annual
and Special Meeting of Shareholders of TigerTel. The amalgamation
was previously approved by the shareholders of Swiftco.
The amalgamation is expected to be completed on October 22,
2009. Upon its completion, the shareholders of TigerTel, other than
Swiftco, will have their TigerTel Common Shares converted into an
equal number of Amalco Redeemable Preferred Shares, which shares
will immediately be redeemed for $0.25 per share. The shareholders
of Swiftco will become shareholders of Amalco. Amalco intends to
delist from the TSX Venture Exchange and become a private company
as soon as practicable following the completion of the
amalgamation.
The completion of the amalgamation of Swiftco and TigerTel
remains subject to the satisfaction of certain conditions
precedent, all of which are described fully in the Business
Combination Agreement between the parties made September 8, 2009, a
copy of which can be found on SEDAR at www.sedar.com. TigerTel
expects that all conditions precedent will be met on or before
October 22, 2009.
Swiftco is controlled by Douglas D. Swift, TigerTel's President
and CEO, Donald H. Swift, the former Chairman of TigerTel's Board
of Directors, and five members of TigerTel's senior management
team.
This news release may contain forward-looking statements that
involve risks and uncertainties and are based on current
expectations of TigerTel. Consequently, actual results could differ
materially from the expectations expressed in such forward-looking
statements.
About TigerTel
TigerTel, a Canadian call center organization, specializes in
inbound and outbound call center solutions and services for clients
throughout North America. With multiple call centers across Canada,
TigerTel has built an infrastructure that provides personalized
services to our clients while at the same time delivering
world-class results at every level. TigerTel's vision is to provide
interactive communication solutions for our clients and their
customers by a team focused on service excellence, personal
integrity and technical innovation.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content on this
news release.
Contacts: TigerTel Communications Inc. P. Livingstone
905-629-7190
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