TigerTel Communications Inc.

TigerTel Communications Inc.

October 22, 2009 16:25 ET

TigerTel Completes Amalgamation With 7212747 Canada Inc.

MISSISSAUGA, ONTARIO--(Marketwire - Oct. 22, 2009) - TigerTel Communications Inc. ("TigerTel") (TSX VENTURE:TTL) has confirmed that, effective at 12:01 a.m. today, it amalgamated with 7212747 Canada Inc. ("Swiftco") to form a company also to be known as "TigerTel Communications Inc." ("Amalco"). The amalgamation was completed pursuant to the terms of a business combination agreement between TigerTel and Swiftco made September 8, 2009 ("BCA") and was approved by the shareholders of TigerTel at its Annual and Special Meeting of Shareholders held on October 20, 2009.

Effective upon the amalgamation, all of the common shares of TigerTel, other than those held by Swiftco, were converted into an equal number of Amalco Redeemable Preferred Shares, which shares were immediately redeemed for $0.25 cash per share. The shareholders of Swiftco have become the shareholders of Amalco. Amalco has applied to have its shares delisted from trading on the TSX Venture Exchange, which is expected to occur as early as close of business on October 23, 2009. It is also applying to cease to be a reporting issuer in each of British Columbia, Alberta and Ontario, and consequently become a private company.

As required under the terms of the BCA, prior to the completion of the amalgamation, Swiftco deposited with Equity Transfer & Trust Company, as depositary, the aggregate redemption price of all of the Amalco Redeemable Preferred Shares that were issuable upon the amalgamation. Registered holders of such shares may obtain the redemption amount for their shares by following the instructions set out in the TigerTel Management Information Circular relating to the Annual and Special Meeting and the Letter of Transmittal that accompanied same, copies of which are available on SEDAR at www.sedar.com. Beneficial holders of such shares are advised to consult their investment dealer, broker, bank manager or other professional advisor in respect of completing such redemption and obtaining the redemption price for their shares.

Amalco is controlled by Douglas D. Swift, TigerTel's President and CEO, Donald H. Swift, the former Chairman of TigerTel's Board of Directors, and five members of TigerTel's senior management team.

This news release may contain forward-looking statements that involve risks and uncertainties and are based on current expectations of TigerTel. Consequently, actual results could differ materially from the expectations expressed in such forward-looking statements.

About TigerTel

TigerTel, a Canadian call center organization, specializes in inbound and outbound call center solutions and services for clients throughout North America. With multiple call centers across Canada, TigerTel has built an infrastructure that provides personalized services to our clients while at the same time delivering world-class results at every level. TigerTel's vision is to provide interactive communication solutions for our clients and their customers by a team focused on service excellence, personal integrity and technical innovation.

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

Contact Information

  • TigerTel Communications Inc.
    P. Livingstone