World Point Terminals Inc.
TSX : WPO

World Point Terminals Inc.

June 10, 2010 19:00 ET

World Point Reports the Results of the Special Meeting of Shareholders

MONTREAL, QUEBEC--(Marketwire - June 10, 2010) - World Point Terminals Inc., ("World Point" or the "Company") (TSX:WPO) announced today that its shareholders overwhelmingly approved the two resolutions considered at today's special meeting of shareholders. Both the Continuance Resolution and the Amalgamation Resolution were approved by 99.99% of the votes cast at the meeting.

The continuance of the Company from federal jurisdiction to the Province of Nova Scotia was also completed today. As a result of the shareholder approvals, a wholly-owned subsidiary of World Point Holdings, Inc. ("Subco") will amalgamate with World Point under the laws of the Province of Nova Scotia. The amalgamation is scheduled to occur on June 29, 2010. Upon the completion of the amalgamation, shareholders of the Company (other than Subco) will be entitled to receive one redeemable preferred share of Subco for each share of the Company. Each redeemable preferred share will be immediately redeemed for US$12.90 in cash. In addition to the redemption price, all shareholders of record as of June 17, 2010 will receive a US$7.00 dividend to be paid on June 28, 2010.

Additional Information

Additional information relating to the Company, including a copy of the Company's Annual Information Form, is available on SEDAR at www.sedar.com. The company maintains an informational website at www.wpo.ca.

Cautionary Statement Regarding Forward-Looking Statements

Some of the statements contained in this release may be forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition to exist or occur. Since forward-looking statements, by their very nature, involve inherent risks and uncertainties, actual results in the future could differ materially from those currently anticipated in such statements by reason of factors including, but not limited to, changes in economic and market conditions and changes in world political stability. World Point Terminals Inc. will not update or revise forward-looking statements for new information, future events, or otherwise.

Contact Information

  • World Point Terminals Inc.
    Bernard A. Roy
    (514) 847-4519
    www.wpo.ca