Radiant Energy Corporation
TSX VENTURE : RDT

Radiant Energy Corporation

May 03, 2010 17:00 ET

Radiant Announces Approval of Share Consolidation

TORONTO, ONTARIO--(Marketwire - May 3, 2010) -

NOT FOR DISTRIBUTION IN THE UNITED STATES

Radiant Energy Corporation (TSX VENTURE:RDT) ("Radiant" or the "Corporation") is pleased to announce that it has received all requisite approvals to implement the previously announced share consolidation (the "Consolidation") of its issued and outstanding common shares on the basis of one (1) post-Consolidation common share for every twenty-five (25) pre-Consolidation common shares. The special resolution to approve the Consolidation was passed at the Corporation's annual and special meeting held on April 27, 2010. The Corporation subsequently obtained approval from the TSX Venture Exchange (the "TSXV") on May 3, 2010 to proceed with the Consolidation.

The post-Consolidation common shares of the Corporation will commence trading on the TSXV on May 5, 2010. The Corporation's trading symbol, RDT, will remain unchanged.

Effective upon the implementation of the Consolidation, and subject to rounding, Radiant will have 9,222,498 common shares issued and outstanding. Each stock option or other security of the Corporation convertible into pre-Consolidation common shares (the "Convertible Securities") that has not been exercised or cancelled prior to the effective date of the implementation of the Consolidation will be adjusted pursuant to the terms thereof on the same exchange ratio described above and each holder of pre-Consolidation Convertible Securities will become entitled to receive post-Consolidation common shares pursuant to such adjusted terms.

Letters of transmittal were mailed to the Corporation's shareholders on April 6, 2010, together with the Corporation's other proxy materials, requesting that shareholders forward their pre-Consolidation common share certificates to the Corporation's transfer agent, Equity Transfer & Trust Company, in exchange for post-Consolidation common share certificates representing the number of post- Consolidation common shares to which they are entitled in accordance with the instructions contained in the letters of transmittal.

Further details regarding the Consolidation are described in Radiant's management information circular dated March 26, 2010 available on SEDAR at www.sedar.com.

About Radiant Energy Corporation

Radiant is the developer and marketer of Radiant Deicing Systems. Radiant's product is the only non- glycol based alternative approved by the US Federal Aviation Administration for the pre-flight ground deicing of aircraft. Aircraft deicing with Radiant's technology offers savings to airports and airlines over the use of conventional glycol-based deicing systems, reducing aircraft treatment costs and significantly reducing the negative impact of glycol on the environment.

This press release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of Radiant Energy Corporation, which involve risks and uncertainties. These risks and uncertainties may cause Radiant's actual results to differ materially from those contemplated by the forward-looking statements. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Radiant Energy Corporation
    David Williams
    President and Chairman
    416.922.8778