TORONTO, ON--(Marketwired - Mar 9, 2016) - EFT Canada Inc. ("EFT Canada" or the "Company") (TSX VENTURE:EFT) is pleased to announce that EFT Canada shareholders have approved the previously announced plan of arrangement (the "Arrangement"), pursuant to which 1422748 Ontario Inc. (the "Purchaser") will acquire all of the issued and outstanding common shares of EFT Canada.
At the special meeting of EFT Canada shareholders held earlier today, the Arrangement was approved by 100% of the votes cast by shareholders of EFT Canada represented in person or by proxy at the special meeting. In accordance with Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, the Arrangement was also approved by 100% of the votes cast at the meeting by disinterested shareholders represented in person or by proxy at the special meeting.
The completion of the Arrangement remains subject to the approval of the Superior Court of Ontario. The hearing is to be held at 330 University Avenue, 8th Floor, Toronto, Ontario on March 11, 2016 at or about 10:00 a.m. (Toronto time). If approved and all other conditions to the Arrangement are satisfied, the Purchaser will acquire all of the outstanding common shares of EFT Canada not already owned by the Purchaser and EFT Canada will become a wholly-owned subsidiary of the Purchaser.
The common shares of EFT Canada are expected to be delisted from the TSX Venture Exchange as soon as practicable after the closing of the Arrangement, following which applications will also be made for EFT Canada to cease to be a reporting issuer in the applicable jurisdictions.
Closing of the Arrangement is expected to occur on or about March 14, 2016.
Further information regarding the Arrangement may be found in the management information circular of EFT Canada dated February 3, 2016 prepared in connection with the special meeting of EFT Canada shareholders and which is available on www.sedar.com.
EFT CANADA INC.
EFT Canada, founded in 2003, is a financial processing company that offers a complete solution to the collection and payment processing needs of small and medium sized business merchants, banks, credit unions, and other financial firms in Canada and the United States. The Company develops, maintains and delivers innovative electronic transaction processing technologies, such as customized electronic payment and collection processing solutions and gift and loyalty card services, by drawing on its operational and applications expertise. For more information, please visit www.eftcanada.com.
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ significantly from those projected herein. Neither 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.