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Texada Proposes Share Consolidation(June 07, 2012)
GUELPH, ONTARIO -- (Marketwire) -- 06/07/12 -- Texada Software Inc. (TSX VENTURE:TXS) ("Texada" or the "Company") announces that the shareholders of the Company will be asked to consider and, if thought appropriate, approve a special resolution authorizing the Company to consolidate its issued and outstanding common shares (the "Common Shares") on the basis of one (1) new Common Share for five (5) old Common Shares (the "Consolidation") along with other items of business to be presented at its annual & special meeting of shareholders to be held on June 28, 2012 in Toronto, Ontario (the "Meeting").
The Company is proposing the Consolidation in order to position its stock price in order that a broader range of global investors can be active in the stock and to reduce transaction costs for the Company and its investors. Additionally, some institutional investors and investment funds are reluctant to, or prohibited by their business articles from, investing in lower-price stocks listed on cross border exchanges and brokerage firms may be reluctant to recommend lower-priced stocks to their clients. Through a share consolidation, the Company anticipates that its shares will be available to more potential investors, although there can be no assurances this will happen.
The proposed Consolidation would result in the number of issued and outstanding Common Shares of the Company being reduced from the currently outstanding 63,405,184 Common Shares to 12,681,036 Common Shares.
In order to be adopted, the resolution authorizing the Consolidation (the "Consolidation Resolution") must be passed by the affirmative vote of at least 66 2/3% of the votes cast by shareholders at the Meeting. The Consolidation will also be subject to the approval by the TSX Venture Exchange. The Consolidation Resolution will also give the Board of Directors of Texada the authority to revoke such resolution and not proceed with the Consolidation.
For more information on the proposed Consolidation and other matters to be addressed at the Meeting, shareholders are encouraged to refer to the Company's Management Information Circular and proxy materials, copies of which are being mailed to shareholders and filed under the Company's profile at www.sedar.com.
About Texada Software Inc. (TSX VENTURE:TXS)
Texada Software Inc., following the launch of its LiuGong dealership announced on May 15, 2012, operates in three complementary businesses; construction and industrial equipment rental, construction and industrial equipment distribution and enterprise asset management software.
The Company, through its wholly owned U.S. subsidiaries, is expanding its presence in the construction and industrial equipment industry and conducts business as Noble Rents, Inc. in Southern California and Noble Equipment, Inc. in Houston, Texas. Noble Equipment, Inc. is the exclusive distributor of LiuGong Construction Machinery equipment in Southeast Texas.
The Company's enterprise software business, Texada Software, is the premier provider of equipment asset management software solutions for equipment rental, dealership and construction companies globally. Texada's solutions are available both in-the-cloud or client-based, are scalable to meet the unique needs of any sized operation and are backed by proven implementation, services and support. Texada's market-driven software products combine knowledge and best practices from over 5,000 users worldwide.
Texada can be reached at 1-800-361-1233 or 1-519-836-7073, or at www.texadasoftware.com.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. Texada's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Corporate communications contact:
Texada Software Inc.
Jim McInnis, Chief Financial Officer
1-800-361-1233 x - 2104
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