Microlab Online Inc.

February 23, 2010 14:09 ET

Microlab Online Inc. Holds Annual and Special Meeting, Shareholders Approve Acquisition of Axios Mobile Assets Inc.

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2010) - Microlab Online Inc. (CUB:MCLB), reports on its Annual and Special Meeting of Shareholders.

Microlab held its Annual and Special Meeting of Shareholders on February 22, 2010.

At the meeting, the proposed acquisition of Axios Mobile Assets Inc. (Ontario) and Axios Mobile Assets, Inc. (Michigan) ("Axios") announced in Microlab's press release dated January 18, 2010 and more particularly disclosed in its Management Information Circular for this meeting, was approved by a majority of the votes cast at the meeting, and by a majority of the votes cast by disinterested shareholders. Axios is a new Ontario and Michigan based producer and supplier of mobile asset platforms (pallets) in a share exchange that is intended to constitute a reverse takeover transaction. With shareholder approval obtained, Microlab and Axios have agreed to now proceed diligently to complete this acquisition.

Following the approval of the acquisition of Axios, a board of directors comprising A. George Dragone (incumbent director and former CEO), Richard MacDonald (CEO of Axios), Marc Topacio (CFO of Axios), Dennis Bausch (outside director), and Llewellyn Smith (outside director) were elected. Following the shareholders meeting, it was agreed Richard MacDonald will become CEO and Marc Topacio will become CFO and Secretary.

Shareholders also approved a special resolution authorizing the board of directors to change the name of the company to Axios Mobile Assets Corp, or such other name as the directors may decide.

John Scholz, Chartered Accountant was returned as auditor.

Finally, the company completed several housekeeping items, approving a new general by-law, and ratifying past acts of directors, and approving a new "rolling 10% stock option plan". Under the plan, the company can issue options to qualified persons to purchase up to 10% of its then issued common shares.

Investors are cautioned that, except as disclosed in the Management Information Circular or Filing Statement to be prepared in connection with the transaction, any information released or received with respect to the reverse takeover may not be accurate or complete and should not be relied upon. Trading in the securities of Microlab Online Inc. should be considered highly speculative.

Microlab Online Inc. has 16,592,000 outstanding common shares.

No exchange or regulating authority has approved or disapproved the contents of this press release.

Contact Information

  • Microlab Online Inc.
    A. G. Dragone
    (416) 447-4884
    Microlab Online Inc.
    Richard MacDonald
    (416) 564-1279