ILI Technologies (2002) Corp.
TSX VENTURE : ILI

ILI Technologies (2002) Corp.

June 01, 2011 09:00 ET

ILI Technologies (2002) Corp. Announces Annual General and Special Shareholders Meeting to Seek Approval for a Name Change and Potential Share Consolidation

CALGARY, ALBERTA--(Marketwire - June 1, 2011) - ILI Technologies (2002) Corp. (TSX VENTURE:ILI) intends to seek approval of shareholders at an annual general and special meeting to be held on June 28, 2011, to consolidate its issued and outstanding common shares on the basis of a ratio within the range of one post-consolidation share for up to 10 outstanding pre-consolidation common shares, with such ratio to be determined by the Board of Directors if it is deemed to be in the best interest of the company and shareholders. In the event the Board of Directors move to consider a share consolidation and if the proposed share consolidation is approved by shareholders, the Board of Directors will then finalize the consolidation ratio based on the minimum distribution requirements of the TSX Venture Exchange and market conditions. The corporation currently has 67,357,090 common shares outstanding. Any proposed share consolidation is subject to final approval of the TSX Venture Exchange.

The corporation further intends to change its name to "Cdn Oilfield Technologies & Solutions Corp." A new stock symbol for trading will be assigned by the TSX Venture Exchange upon approval.

Phil D'Angelo states, "It should be emphasized that any potential consolidation regardless of the ratio will only be considered if it is deemed necessary to attract significant capital to grow the business. It would not be prudent to continue to dilute the company at these low levels. The company's primary objective is to try and secure some form of debt facility either through a convertible debenture, a line of credit or other instrument that will not require the company to proceed with a consolidation of shares. The company is growing very quickly and the opportunities before us require additional capital to execute. No one likes a share consolidation but sometimes it may be necessary because of the current market capitalization and to attract larger capital. When you are trading at these levels and new business opportunities are brought forward that require additional capital prior to execution, every consideration must be taken in advance prior to making a firm commitment. If the company does not allow for the appropriate provisions in advance business opportunities could be lost as a result of timely delays that it will take to obtain approvals at a later date. I wish to make it clear that it is not the company's intention to proceed with a share consolidation unless it is absolutely necessary to secure significant capital that will result in new revenue growth for the company."

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