Saratoga Electronic Solutions Inc.

Saratoga Electronic Solutions Inc.

December 21, 2011 11:11 ET

Saratoga Electronic Solutions Report on Annual Shareholders Meeting

MONTREAL, QUEBEC--(Marketwire - Dec. 21, 2011) - Saratoga Electronic Solutions Inc. (TSX VENTURE:SAR) (the "Company") is pleased to announce that all resolutions were approved by shareholders of the Company at its December 15, 2011 annual and special Meeting of shareholders. This included the election of directors, appointment of auditors and the ratification of the presentation of financial statements in respect of a period ended earlier than the period provided by applicable laws and regulations. A majority of disinterested shareholders, being shareholders other Mr. Georges A. Durst and Mr. Luc Charlebois, also voted in favour of the sale of the Company's wholly-owned subsidiary, Car-Tel Distributions Inc. ("Car-Tel"), to 7999291 Canada Inc., a corporation controlled by Luc Charlebois, a former director of the Company and an officer of Car-Tel.

Shareholders elected Georges A. Durst, Donald W. Seal, QC, Alfredo Pérez and Martin Fontaine to the Board of Directors of the Company.

The closing of the sale of Car-Tel took place on Friday December 16, 2011.

The Company will continue its strategic alternative review process for enhancing shareholder value. The Board of Director's Special Committee has not set a definitive timetable for completion or there can be no assurance that this process will lead to the approval or completion of any definitive agreement or other transaction.

Forward-Looking Statements

This news release contains certain forward-looking statements. These statements are based on certain assumptions and analyses made by Saratoga in light of management's experience and perception of current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to expectations, is subject to a number of risks, uncertainties and assumptions, as well as those discussed in Saratoga's Annual Report and Management's Discussion and Analysis. Consequently, all of the forward- looking statements in this news release are qualified by these cautionary statements, as to Saratoga's ability to enhance shareholder value through this process. Moreover, there can be no assurance that the results or developments anticipated by Saratoga, including as regards its financial resources, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Saratoga. Saratoga undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.

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

Contact Information

  • Saratoga Electronic Solutions Inc.
    Mr. Georges Durst
    President and Chief Executive