TORONTO, ONTARIO -- (Marketwired) -- 06/24/13 -- VoodooVox Inc. ("VoodooVox" or the "Company"), a fast-growing mobile ad network serving Fortune 500 clients (CNSX: VVX), is pleased to announce the results of voting at its Annual and Special Meeting of Shareholders held on Friday, June 14, 2013, in Toronto, Canada.
"The approvals of the measures in support of our financing and new capital structure initiatives are a crucial step toward capturing our position in this rapidly growing sector," said George Cooney, CEO.
As part of the Company's ongoing transformation to a pure-play, performance-based mobile ad company, shareholders voted in favour of all items put forward by the Board of Directors and management, as follows:
1. Shareholders authorized and approved the conversion of outstanding principal (approximately $12M in the aggregate) and interest under various series of convertible and non-convertible debentures at the volume weighted average trading price of the Company's common shares prior to the time of conversion.2. Shareholders authorized the Board of Directors to consolidate the share capital of the Corporation on the basis of one new common share for each fifty existing VoodooVox common shares, or such greater or lower conversion ratio as the Board of Directors may determine.3. The four members of VoodooVox's Board of Directors - Micky Tsui, George Cooney, Nancy Shemwell and Graeme Ross - were re-elected for a one year term.4. The current auditors, Collins Barrow Toronto LLP, were appointed to audit the Company's financial statements for the ensuing year and the directors were authorized to fix their remuneration.
A total of 37,619,391 VoodooVox common shares were voted at the Annual and Special Meeting, representing approximately 17.6% of total number of issued and outstanding common shares of the Company.
About VoodooVox Inc.
VoodooVox processes billions of advertising transactions for a marquee list of global clients and partners in 11 countries. The Company's proprietary analytics solution, utilizing big data aggregated via mobile and traditional ad campaigns, enables advertisers to convert high quality customer leads.
The CNSX has neither approved nor disapproved the contents of this news release.
Alex Pekurar, CPA, CA
Chief Financial Officer