That is the news a 20 to 1 consolidation.
TORONTO, ONTARIO, Jan. 11, 2011 (Marketwire) --
Active Control Technology Inc. (TSX VENTURE:ACT), a leading provider in the design, manufacture and marketing of both wireless and fiber network solutions for mine communications, and the commercial security and access control industries, today announced that its Annual General and Special Meeting of Shareholders ("ASM") will be held on Thursday February 10, 2011. At the ASM, the Company will be seeking shareholder approval to, among other things, consolidate the outstanding capital of the Company on the basis of one (1) post-consolidation common share for up to every twenty (20) outstanding common shares (the "Consolidation"). There are currently 233,393,300 common shares outstanding. Following the Consolidation as proposed (20:1), there will be 11,669,665 post-consolidation common shares outstanding. The Company wishes to undertake the Consolidation to provide additional flexibility in seeking financing given the pricing rules on the TSX Venture Exchange ("TSXV") and the current trading price of the Company's shares. The Company will also be seeking shareholder ratification of the extension of the Shareholder Rights Plan established pursuant to the Shareholder Rights Plan Agreement dated October 26, 2007 between the Company and Equity Transfer & Trust Company (now known as Equity Financial Trust Company), as rights agent, for a further three (3) years. The Shareholder Rights Plan Agreement may be found at the Company's profile on SEDAR at www.sedar.com.