Webtech Wireless Inc.
TSX : WEW

Webtech Wireless Inc.

May 25, 2011 14:59 ET

Webtech Wireless Announces Modifications to Proposed Shareholder Rights Plan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 25, 2011) - Webtech Wireless Inc. (TSX:WEW) (the "Company"), a leading provider of vehicle fleet location-based services (LBS) and telematics technology, announced that it has made slight adjustments to its proposed Amended and Restated Shareholder Rights Plan (the "Plan"). The Company received suggestions for minor changes and determined the suggestions were acceptable and do not affect the substance of the Plan as proposed.

Specifically, the revisions:

  • Remove the requirement that "Permitted Lock-Up Agreements" (as defined in the Shareholder Rights Plan) be reduced to writing; and
  • Remove the statement that the phrase "acting jointly or in concert" shall not include conduct consisting solely of voting or directing the vote of securities: (i) pursuant to a revocable proxy given in response to a particular proxy solicitation; or (ii) in connection with or in order to participate in a particular proxy solicitation.

A copy of the Plan and the changes are available upon request to the Secretary of the Corporation at Suite 215, 4299 Canada Way, Burnaby, British Columbia, V5G 1H3, Telephone (604) 434-7337 or Fax (604) 434-5270.

The Annual and Special General Meeting of shareholders of Webtech (the "Meeting") is to be held on Tuesday, June 7th, 2011 at 10:00 am (PDT) at Suite 215, 4299 Canada Way in Burnaby, British Columbia. In order for their votes to be counted at the Meeting, shareholders must vote their proxy by no later than June 3rd at 10:00 am (PDT).

About WebTech Wireless®

WebTech Wireless Inc. (TSX:WEW) is a provider of vehicle fleet location-based services (LBS) and telematics technology. It develops, manufactures and supports end-to-end wireless solutions that improve the productivity, profitability, environmental compliance and safety of vehicle fleets. Its comprehensive suite of products and services include: automatic vehicle location (AVL), mapping, vehicle diagnostics, CO2 reporting, navigation, messaging, and mobile resource management. The Company serves customers of all sizes in the transport, government, service, insurance and OEM markets in over forty-one countries, including Fortune 500 companies. Specialized products include: Quadrant® commercial fleet solutions, InterFleet® solutions for government, and NextBus® real-time passenger information services for transit fleets. For more information, please visit www.webtechwireless.com.

This News Release may contain forward-looking statements involving risks and uncertainties pertaining to, but not limited to, product plans, timing, content, pricing of products, market and industry expectations, the wireless communications and mobile fleet industries, and general economic and political conditions. Given the risks and uncertainties inherent in the markets and industries referred to in this News Release, Webtech Wireless cannot guarantee that any forward-looking statements will be realized. All amounts in Canadian dollars (CAD$) unless otherwise noted. Trademarks are the property of their owners.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

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