|By Marketwired .||
|August 5, 2014 01:10 PM EDT|
TORONTO, ONTARIO -- (Marketwired) -- 08/05/14 -- Active Control Technology Inc. (the "Company" or "Active Control") (TSX VENTURE: ACT) announced that it has completed its previously announced "going private transaction" by way of an amalgamation ("Amalgamation") involving the Company and 2421987 Ontario Limited ("Newco"). Specifically, the Company and Newco filed Articles of Amalgamation on August 1, 2014.
Under the terms of the Amalgamation, holders of common shares in the Company (other than certain principal shareholders) will receive $0.03 in cash for each common share held. Payment of the redemption proceeds will be made to the registered common shareholders of the Company in accordance with the letters of transmittal submitted by them. Equity Financial Trust Company, the Company's depositary agent, will be processing the issuance of cheques to all shareholders.
The holders of warrants in the Company will receive $0.03 in cash for each 1,333.4 warrants held. Payment of the redemption proceeds will be made to the registered warrantholders of the Company in accordance with the letters of transmittal submitted by them. Equity Financial Trust Company, the warrant and depositary agent, will be processing the issuance of cheques to all warrantholders.
The trading of the Company's common shares on the TSX Venture Exchange was halted on July 29, 2014. The common shares of the Company will be delisted from the Exchange in due course.
The Company will now make an application to applicable securities regulatory authorities to cease to be a reporting issuer.
About Active Control Technology
Active Control Technology is a provider in the design, manufacture and marketing of wireless and fiber network solutions for mine communications, mobile power solutions and the commercial security and access control industries. For more information, visit www.activecontrol.com.
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.
Cautionary Note Regarding 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.