TigerTel Communications Inc.

TigerTel Communications Inc.

October 20, 2009 12:18 ET

TigerTel Shareholders Approve Amalgamation With 7212747 Canada Inc.

MISSISSAUGA, ONTARIO--(Marketwire - Oct. 20, 2009) - TigerTel Communications Inc. ("TigerTel")(TSX VENTURE:TTL) has confirmed that its proposed amalgamation with 7212747 Canada Inc. ("Swiftco") to form a company to be known as "TigerTel Communications Inc." ("Amalco") was approved today at the Annual and Special Meeting of Shareholders of TigerTel. The amalgamation was previously approved by the shareholders of Swiftco.

The amalgamation is expected to be completed on October 22, 2009. Upon its completion, the shareholders of TigerTel, other than Swiftco, will have their TigerTel Common Shares converted into an equal number of Amalco Redeemable Preferred Shares, which shares will immediately be redeemed for $0.25 per share. The shareholders of Swiftco will become shareholders of Amalco. Amalco intends to delist from the TSX Venture Exchange and become a private company as soon as practicable following the completion of the amalgamation.

The completion of the amalgamation of Swiftco and TigerTel remains subject to the satisfaction of certain conditions precedent, all of which are described fully in the Business Combination Agreement between the parties made September 8, 2009, a copy of which can be found on SEDAR at www.sedar.com. TigerTel expects that all conditions precedent will be met on or before October 22, 2009.

Swiftco is controlled by Douglas D. Swift, TigerTel's President and CEO, Donald H. Swift, the former Chairman of TigerTel's Board of Directors, and five members of TigerTel's senior management team.

This news release may contain forward-looking statements that involve risks and uncertainties and are based on current expectations of TigerTel. Consequently, actual results could differ materially from the expectations expressed in such forward-looking statements.

About TigerTel

TigerTel, a Canadian call center organization, specializes in inbound and outbound call center solutions and services for clients throughout North America. With multiple call centers across Canada, TigerTel has built an infrastructure that provides personalized services to our clients while at the same time delivering world-class results at every level. TigerTel's vision is to provide interactive communication solutions for our clients and their customers by a team focused on service excellence, personal integrity and technical innovation.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content on this news release.

Contact Information

  • TigerTel Communications Inc.
    P. Livingstone