VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 23, 2015) - Webtech Wireless Inc. ("Webtech Wireless" or the "Company") (TSX:WEW), a leading provider of GPS fleet management solutions, advises that the previously announced plan of arrangement (the "Arrangement") involving Webtech Wireless and BSM Technologies Inc. ("BSM") has been approved by the shareholders of Webtech Wireless.
Webtech Wireless held a special meeting of shareholders (the "Webtech Wireless Meeting") earlier today at which 74.35% of the shares represented at the Webtech Wireless Meeting by proxy voted in favour of the Arrangement. BSM also held a special meeting of shareholders earlier today at which BSM's shareholders voted in favour of the transaction. On closing of the Arrangement, each shareholder of Webtech Wireless will receive 2.136 BSM common shares plus $0.52 in cash for each Webtech Wireless common share held. Following completion of the Arrangement existing Webtech Wireless and BSM shareholders will own approximately 49% and 51% of the combined company, respectively.
Webtech Wireless expects to seek a final order approving the Arrangement from the Supreme Court of British Columbia on September 25, 2015.
Assuming all other terms and conditions to the Arrangement are met, it is expected that the Arrangement will close in late September, 2015.
About Webtech Wireless® (www.webtechwireless.com)
Webtech Wireless is a leader in providing fleet management telematics, GPS and automatic vehicle location (AVL) solutions that improve efficiency, accountability and reduce costs. Webtech Wireless' end-to-end solutions automate record keeping and regulatory compliance, reduce fuel burn and idling, mitigate risk, and keep drivers safe. Customers trust Webtech Wireless to ensure people are accountable and vehicles are visible, through the cloud, in the office, or straight to mobile devices. Webtech Wireless' Webtech Fleet Center™ software solution, and Webtech Wireless' supporting product suite, including Webtech Driver Center™ and Webtech 511®, provides advanced fleet management capabilities for winter maintenance, public works and waste management fleets within government markets; and fleet performance, driver behavior, Hours of Service (HOS), and Electronic Logging Device (ELD) technology for commercial fleet operations and compliance. Please visit www.webtechwireless.com.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements or information under applicable Canadian, U.S. and other securities laws. Such forward-looking information and statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and any other similar expressions. Such forward-looking information includes, but is not limited to, estimates and statements with respect to the receipt of the final order of the Supreme Court of British Columbia approving the Arrangement, satisfaction of the terms and conditions of the Arrangement and anticipated completion of the Arrangement. These forward-looking statements are based on a number of assumptions, including assumptions regarding the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary court, stock exchange and regulatory approvals and the ability of the parties to satisfy in a timely manner, the conditions to the closing of the Arrangement. Management believes that these assumptions are reasonable; however, some risks include, but are not limited to, non-completion of the Arrangement, including due to the parties failing to receive, in a timely manner and on satisfactory terms, the necessary court, stock exchange and regulatory approvals or the inability of the parties to satisfy in a timely manner the other conditions to the closing of the Arrangement. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information. Some of these risks, uncertainties and other factors are described under the heading "Risk Factors" in Webtech Wireless' annual information form available at www.sedar.com. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by applicable law, Webtech Wireless does not undertake any obligation to update forward-looking information. Readers should not place undue reliance on forward-looking information.
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