The resolution approved by shareholders at the Meeting with respect to the consolidation permits the board of directors of the Company, without further approval by the shareholders, to select the final consolidation ratio, up to a ratio of one (1) post-consolidation share to ten (10) pre- consolidation shares, and proceed with any such consolidation at any time within the 12 months following the date of the Meeting.
Subsequent to the Meeting, the board of directors of the Company resolved to proceed with a consolidation on the basis one (1) post-consolidation share for every three (3) pre-consolidation shares (the "Consolidation") and the related name change to
More specific details of the matters approved at the Meeting are set forth in the Management Information Circular of the Company dated
The Company continues to seek opportunities to acquire an operating business or complete a transaction and, if so accomplished, the Company intends to make an application to list its shares on a stock exchange. There is no assurance that the Company will be successful in these endeavors.
FOR FURTHER INFORMATION PLEASE CONTACT:
Applied Inventions Management Inc. Michael SteinDirector (416) 410-7722 Source: Applied Inventions Management Inc.