Mitec Telecom Inc. announces share consolidation, company name change and new director

TORONTO, Feb. 11, 2013 /CNW Telbec/ - Mitec Telecom Inc. ("Mitec") today announced that its Board of Directors have, subject to regulatory approval, authorized a share consolidation on the basis of 1 new Common Share for every 40 existing Common Shares and a name change from "Mitec Telecom Inc." to "Mitec Technologies Inc."

These actions are being taken pursuant to resolutions that were adopted with the support of over 95% of the votes cast by shareholders at Mitec's Shareholders Meeting on October 30, 2012.

Mitec has appointed Olympia Transfer Services Inc. ("Olympia") to act as its registrar and transfer agent effective February 11, 2013.

A letter of transmittal (the "Letter of Transmittal") will be circulated to registered shareholders for the purpose of surrendering share certificates representing pre-Share Consolidation Common Shares in order to receive new share certificates representing post-Consolidation Common Shares, reflecting the name Mitec Technologies Inc..  Registered holders of Common Shares are encouraged to complete and sign the Letter of Transmittal and deliver it to Mitec's registrar and transfer agent, Olympia together with certificates representing their Common Shares and the other required documents in accordance with the instructions contained in the Letter of Transmittal.

Beneficial holders whose Common Shares are registered in the name of their broker or of an agent or nominee of that broker should contact their broker for assistance in depositing their Common Shares and should follow the instructions of their broker or the agent or nominee of that broker in order to deposit their Common Shares.  Mitec intends to keep its trading symbol, "MTM.h", currently listed on NEX.

Additional copies of the Letter of Transmittal may be obtained by contacting Olympia at 1-800-727-4493 or by email to corporateactions@olympiatrust.com.  The Letter of Transmittal is also accessible through SEDAR, www.sedar.com.

Mitec also announced the appointment of David Klein, an IT executive, to Mitec's board, subject to regulatory approval. David Klein replaces David Parkes, who has resigned as a director.  "David Parkes has been a valuable board member providing both governance and telecom industry expertise. We are very grateful for his dedication to Mitec over these many years", said Jeffrey Mandel, Mitec's President and CEO.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: MITEC TELECOM INC.