BURLINGTON, ON,
May 16, 2013 /CNW/ - Tenth Power
Technologies Corp. ("Tenth Power" or the "Company")
(TSX-V:TPI) announced today that it has completed its previously
announced "going private transaction" by way of an amalgamation
("Amalgamation") involving the Company and 2372052 Ontario Limited
("Newco"). Specifically, the Company and Newco filed articles
of amalgamation which became effective on May 16, 2013. On completion of the Amalgamation,
the Company was renamed White Hat Corporation.
The Company also confirms that further to its
press release dated May 7, 2013, the
common shares of the Corporation were delisted from the TSX Venture
Exchange as of market close on May 15,
2013.
Under the terms of the Amalgamation, holders of
common shares in the Company (other than certain principal
shareholders) will receive $0.01 in
cash for each common share held. Payment of the redemption
proceeds will be made to the common shareholders of the Company in
accordance with the letters of transmittal submitted by them.
Equity Financial Trust Company, the Company's transfer and
depositary agent, will be processing the issuance of cheques to all
shareholders.
The Company will now make an application to
applicable securities regulatory authorities to cease to be a
reporting issuer.
About Tenth Power Technologies Corp.
Tenth Power is a Canadian-based technology and
solutions company. Tenth Power supplies secure business
solutions to clients in the telecommunications, financial services,
manufacturing, government and health care sectors. Tenth
Power augments proprietary software with product licensing and
strategic acquisition of industry-leading services, to design
solutions that safeguard information and electronic
communications. The suite of products includes identity and
signature authentication, Internet security, safe communication
platforms and a secured collaboration environment. Tenth
Power also provides IT security consulting and managed
services.
Forward Looking Statements
This press release contains forward-looking
statements which reflect the Company's current expectations
regarding future events. The forward-looking statements involve
risks and uncertainties. Actual results could differ materially
from those projected herein. The Company disclaims any obligation
to update these forward-looking statements.
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.
SOURCE Tenth Power Technologies Corp.