VANCOUVER, BRITISH
COLUMBIA--(Marketwire – Oct. 15, 2009) – WebTech Wireless Inc. (TSX:WEW) ("WebTech") and Grey Island Systems
International Inc. (TSX VENTURE:GIS) ("Grey Island") announce that
Grey Island has today received shareholder approval with respect to an
arrangement under the Business Corporations Act (Alberta) involving Grey
Island and WebTech, pursuant to which WebTech will acquire all of the
outstanding common shares of Grey Island, pursuant to an arrangement agreement
made as of August 6, 2009, as amended on September 2, 2009, between Grey Island
and WebTech.
Grey Island shareholders
representing approximately 55% of the total shares outstanding voted 90% in
favour of the Arrangement.
Said Owen Moore, President of
Grey Island, "The overwhelmingly positive vote to approve this transaction is
heartening, and we thank all of Grey Island's shareholders for their support
and confidence in our management team and staff in the past, and hope that they
continue as shareholders as we continue to build value with our WebTech
colleagues."
Anwar Sukkarie, WebTech CEO
stated, "With the formalities now nearly completed, we look forward to a long
and successful relationship with the Grey Island founders, staff, customers and
shareholders as we take advantage of our combined opportunities in North
America and abroad."
Subject to court approval,
the parties intend to close the transaction on October 26, 2009.
About WebTech Wireless
Inc.
WebTech Wireless Inc. (TSX:WEW) is a global telematics and
location-based services provider that develops, manufactures and delivers
end-to-end wireless solutions designed to improve the productivity,
profitability and safety of vehicle fleets. WebTech Wireless products and
services run on GPS and cellular networks and provide Automatic Vehicle
Location, Mapping, Reporting, Vehicle Diagnostics, Driver Status, In-vehicle
Telemetry and Navigation and Messaging. The Company delivers products and
services in over forty-one countries to a variety of small, medium and Fortune
500 companies, with a particular focus on the transport, service delivery,
government and automotive markets. For more information, please visit www.webtechwireless.com.
About Grey Island Systems
International Inc.
Grey Island Systems International Inc. (TSX VENTURE:GIS), through its
subsidiaries NextBus Inc. in Alameda, California, InterFleet, Inc. in New York,
New York and Grey Island Systems in Toronto, Canada, is a leading provider of
custom real-time GPS/AVL, security and Telematics solutions as well as
real-time passenger information systems to government and related fleets. To
find out more about our products and services, visit our websites at: www.interfleet.com
or www.nextbus.com.
Forward-looking Statements
This press release contains "forward-looking
statements" within the meaning of applicable Canadian and United States
securities laws. Generally, forward-looking statements can be identified by the
use of the forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Assumptions
upon which such forward-looking statements are based include that WebTech
Wireless and Grey Island will be able to satisfy the conditions in the
definitive agreement, that no materially adverse facts or circumstances will be
identified, that the required approvals will be obtained from the shareholders
of Grey Island, that all third party regulatory and governmental approvals to
the Transaction will be obtained and all other conditions to the completion of
the Transaction will be satisfied or waived. Many of these assumptions are
based on factors and events that are not within the control of WebTech Wireless
and Grey Island and there is no assurance they will prove to be correct.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, performance
or achievements of WebTech Wireless and Grey Island to be materially different
from those expressed or implied by such forward-looking statements, including
but not limited to: risks related to product plans, timing, content, and
pricing of products, market and industry expectations, the wireless
communications industry, the mobile fleet industry, and general economic and
political conditions, as well as those factors discussed in the section
entitled "Description of the Business – Risk Factors" in WebTech Wireless'
annual information form for the year ended December 31, 2008 and although
WebTech Wireless and Grey Island have attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not
be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements. WebTech
Wireless and Grey Island do not undertake to update any forward-looking
statements that are incorporated by reference herein, except in accordance with
applicable securities laws.
All
trademarks and brands mentioned in this release are the property of their
respective owners.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.