VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2013) - Cantronic Systems Inc. (TSX VENTURE:CTS) ("Cantronic" or the "Company") is pleased to announce that at its annual and special meeting of securityholders (the "Meeting") held yesterday, the Company's securityholders overwhelmingly approved a special resolution in respect of the Company's previously announced going-private transaction by way of a statutory plan of arrangement (the "Arrangement").
The Arrangement remains subject to, among other things, the final approval of the Supreme Court of British Columbia. The hearing for the final court order to approve the Arrangement is scheduled to take place on January 18, 2013, with the effective date of the Arrangement expected to occur on or about January 22, 2013.
Further details regarding the terms of the Arrangement are set out in the management information circular of Cantronic dated December 12, 2012, which is available at www.sedar.com. Full details of the Arrangement are disclosed in the December 19, 2012 press release also available on SEDAR.
The Company is also pleased to announce that all other resolutions brought before the meeting were approved by the shareholders. There was no other business brought forward at the meeting.
On behalf of the Board of Directors of CANTRONIC SYSTEMS INC.
James Zahn, Chief Executive Officer
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