SOURCE: International Datacasting Corporation

International Datacasting Corporation

May 30, 2016 15:00 ET

International Datacasting Corporation Announces Results of Special Meeting

OTTAWA, ON--(Marketwired - May 30, 2016) -  International Datacasting Corporation ("IDC") (TSX VENTURE: IDC) announced the results of its Special Meeting of Shareholders (the "Meeting") held today. The Meeting was well attended with approximately 53% of shareholders in attendance or represented by proxy.

At this Meeting, IDC shareholders approved the special resolution for the merger of IDC with Novra Technologies, Inc. ("Novra") as previously announced on April 19, 2016.

Steven Archambault, Interim CEO and CFO of IDC, commented, "This is excellent news for our employees and customers. I am very pleased with our shareholders' strong, unified vote of confidence to proceed with this merger and become shareholders of Novra with over 40% ownership of the combined company on a fully diluted basis. With this merger, IDC and Novra are ideally positioned to continue down the path of innovation and market leadership in multimedia content distribution, serving world-class global customers including radio and television broadcasters, digital cinema, IPTV, data networks and other leading-edge applications."

IDC expects to receive approval from the TSX-V this week and close the merger transaction with Novra shortly thereafter. Accordingly, IDC's common stock will remain halted during this period and will be delisted shortly after the consummation of the merger.

Detailed Voting Results

  1. Special resolution to approve the merger with Novra by way of an amalgamation with a wholly-owned subsidiary of Novra (the "Transaction Resolution")

    The Transaction Resolution required the approval of 66⅔% of the votes represented in person or by proxy at the meeting. The results of the votes by ballot on the Transaction Resolution are set out below:
     
Votes For   Votes Against
Number of Votes   Percentage of Votes   Number of Votes   Percentage of Votes
25,689,832   72.4%   9,794,190   27.6%
             

About International Datacasting Corporation:

International Datacasting Corporation (TSX VENTURE: IDC) is a global technology provider for the world's premiere broadcasters in radio, television, data and digital cinema. IDC's products and solutions are in demand for radio and television networks, targeted ad insertion, digital cinema, 3D live events, VOD, and IPTV. IDC is headquartered in Ottawa, Canada. For more information visit: www.datacast.com.

Forward-Looking Statements:

This press release contains certain information that may constitute "forward-looking information" and/or "forward-looking statements" within the meaning of applicable Canadian securities laws including, without limitation, statements with respect to the timing and completion of the merger with Novra. All forward- looking information and forward-looking statements are necessarily based on a number of estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies.

All statements other than statements which are reporting results as well as statements of historical fact are forward-looking statements that may involve a number of known and unknown risks, uncertainties and other factors; many of which are beyond the ability of IDC or Novra to control or predict.

Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "design", "plan or "project" or the negative of these words or other variations on these words or comparable terminology. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that might cause actual results to differ materially include, but are not limited to: the possibility that certain assumptions with respect to the timing of the closing of the Merger could prove to be inaccurate, and the satisfaction or waiver of certain other conditions contemplated by the Merger.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • CONTACT:

    Steven Archambault
    Interim CEO & CFO
    International Datacasting Corporation
    +1 613 596 4120 Ext. 2296
    sarchambault@datacast.com