PowerComm Inc.

January 02, 2007 15:24 ET

PowerComm Inc. Announces Completion of Amalgamation With RMM Ventures Inc.

CALGARY, ALBERTA--(CCNMatthews - Jan. 2, 2007) - PowerComm Inc. is pleased to announce that it has completed its previously announced arm's length amalgamation with RMM Ventures Inc. ("RMM") to form a company that will continue under the name "PowerComm Inc." The amalgamation was completed on December 31, 2006 after receiving the approval of the shareholders of PowerComm Inc. and RMM at each of their special meetings shareholders held on December 22, 2006.

Pursuant to the terms of the Amalgamation, PowerComm Inc. shareholders received one common share of the resulting issuer for each one (1) common share of PowerComm Inc. owned, and RMM shareholders received five (5) common share of PowerComm Inc. for each six (6) common share of RMM owned. The outstanding options, warrants and other convertible securities of PowerComm Inc. are exercisable for common shares of PowerComm Inc. based on a one (1) for one (1) exchange ratio. After the completion of the Amalgamation, PowerComm Inc. has 51,338,825 common shares outstanding, with approximately 12,150,000 common shares of PowerComm Inc. reserved for issuance upon exercise of options, warrants and other convertible securities of PowerComm Inc. and stock options which may be granted under PowerComm's stock option plan.

The Board of Directors of PowerComm Inc. will consist of Wayne Rutherford, Ashley Hope, Larry Patriquin and Martin Bernholtz.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to any U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Contact Information

  • PowerComm Inc.
    Wayne Rutherford
    President, Chief Executive Officer and Director
    (780) 465-7038