Coretec Inc.
TSX : CYY

Coretec Inc.

December 29, 2009 11:52 ET

Coretec Shareholders Approve Business Combination With DDi Corp.

TORONTO, ONTARIO--(Marketwire - Dec. 29, 2009) - Coretec Inc. ("Coretec") (TSX:CYY) is pleased to announce that, at a special meeting held today, its shareholders voted over 99% in favour of a special resolution approving the acquisition of Coretec by DDi Corp. ("DDi") pursuant to a plan of arrangement (the "Plan") under the Business Corporations Act (Ontario) whereby DDi will acquire all of the common shares of the Company for $0.38 per common share of the Company, as more particularly described in the management information circular of the Company dated December 2, 2009.

The Plan remains subject to the approval of the Ontario Superior Court of Justice. Application to the Court for the Final Order approving the Plan will be made on December 30, 2009. Closing of the transaction is anticipated to occur on or about December 31, 2009. Coretec expects that its common shares will be delisted from the Toronto Stock Exchange at the close of trading on or about January 5, 2010.

Cautionary Note Regarding Forward-Looking Statements

Coretec is one of the leading designers and fabricators of printed circuit boards for the prototype and quick turnaround production segments of the North American and European markets. Coretec distinguishes itself from its competitors by providing an extensive suite of printed circuit board services including field applications engineering support and education; technology roadmap consulting, CAD layout; rapid response manufacturing for prototypes; quick turn production for small-to-middle volume quantity requirements; and facilitation of higher volume requirements via partnerships in lower cost jurisdictions. The Company is also differentiated by its broad range of PCB technologies.

This news release contains "forward-looking statements" within the meaning of the United States Securities Litigation Reform Act of 1995, and applicable Canadian Securities Legislation. Forward-looking statements include, but are not limited to, statements with respect to closing the transaction, receiving the Final Order and the delisting of the Coretec common shares from the Toronto Stock Exchange. Generally these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecast", "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". Please be cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results or developments may vary materially from those projected or implied in the forward-looking statements as a result of any number of factors, including currency exchange rate fluctuations; variability of operating results; dependence on certain industries; management of growth and expansion; integration of operations; ability to attract and retain key personnel; nature of sales; product complexity and product defects; international operations; material cost fluctuations and limited availability of raw materials; potential loss of customers; competition; industry contraction and slow economic growth; technological change and process development; environmental liability; need for additional financing; product liability; pricing pressure; ability to reduce costs; and other risks discussed in the section entitled "Risk Factors" in Coretec's Annual Information Form dated March 27, 2009 which can be obtained at www.sedar.com.

Contact Information