TORONTO, ONTARIO--(Marketwired - Aug. 29, 2014) - Applied Inventions Management Inc. (the "Company") is pleased to announce that the Company received shareholder approval at the Annual and Special Meeting of the shareholders of the Company held on June 4, 2014 (the "Meeting") for all issues proposed by management, including the election of directors, the appointment of the Company's auditors, approval to consolidate the Company's shares and related name change and issuance of shares of the Company in exchange for debt owing to an officer of the Company.
The resolution approved by shareholders at the Meeting with respect to the consolidation permits the board of directors of the Company, without further approval by the shareholders, to select the final consolidation ratio, up to a ratio of one (1) post-consolidation share to ten (10) pre- consolidation shares, and proceed with any such consolidation at any time within the 12 months following the date of the Meeting.
Subsequent to the Meeting, the board of directors of the Company resolved to proceed with a consolidation on the basis one (1) post-consolidation share for every three (3) pre-consolidation shares (the "Consolidation") and the related name change to Applied Inventions Management Corp. (the "Name Change"). The Consolidation and Name Change will be effective as of August 29, 2014. Following the Consolidation there will be approximately 388,438 Class A Subordinate Voting Shares and 306,072 Class B Multiple Voting Shares outstanding.
More specific details of the matters approved at the Meeting are set forth in the Management Information Circular of the Company dated April 25, 2014 and posted on the System for Electronic Data Analysis and Retrieval (SEDAR) at www.sedar.com.
The Company continues to seek opportunities to acquire an operating business or complete a transaction and, if so accomplished, the Company intends to make an application to list its shares on a stock exchange. There is no assurance that the Company will be successful in these endeavors.