[October 27, 2009] WebTech Wireless acquires Grey Island Tweet Oct 27, 2009 (Datamonitor via COMTEX) -- WebTech Wireless and Grey Island Systems International have completed their previously announced court-approved plan of arrangement under the Business Corporations Act pursuant to which WebTech Wireless has acquired all of the issued and outstanding common shares of Grey Island. Under the terms of the arrangement, former shareholders of Grey Island receive 0.35 common shares of WebTech Wireless for each common share of Grey Island, subject to adjustment for fractional shares. Outstanding options to acquire Grey Island shares have been exchanged for options to acquire WebTech Wireless shares, with the exercise price of such options and the number of WebTech Wireless shares to be acquired on the exercise of such options adjusted in accordance with the same exchange ratio. The Grey Island common shares will be delisted from the TSX Venture Exchange in due course. In connection with the arrangement, the board of directors of WebTech Wireless was increased to seven directors, and is now comprised of Glen Brownlee (chairman), Paul Christie, Leonard Metcalfe, Owen Moore, Dru Narwani, Peter Roberts and Anwar Sukkarie. Messrs. Christie and Moore are former directors of Grey Island. Anwar Sukkarie, president and CEO of WebTech Wireless, said: "We would like to thank the Grey Island shareholders for the close to 90% support of this arrangement at their meeting earlier in October, and welcome them to the WebTech Wireless family of shareholders. This brings to completion a long process during which the benefits of the acquisition were thoroughly evaluated and debated." http://www.datamonitor.com Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon [ Back To TMCnet.com's Homepage ]