LOREX Technology Inc. - Appointment of new director and private placement
update
The Company would also like to announce that an aggregate of 12,500,000 preference shares (the "Preference Shares") of the Company were issued today to Lorex Investors LLC (as to 6,190,278 Preference Shares) and Lorex Group LLC (as to 6,309,722 Preference Shares), both of whom are arm's length parties to the Company and each other, at no additional consideration to the investors, upon the conversion of 12,500,000 subscription receipts previously issued on a private placement basis, the terms and conditions of which can be found in the Company's press release dated
The Preference Shares are subject to a hold period which expires on
The following is a summary of the rights and privileges attaching to the Preference Shares, the full details of which are contained in the Company's information circular dated
- Each Preference Share will be convertible by the holder into one (1) common share of the Company on a one-to-one basis, without any additional consideration, at any time following the date of issue at the option of the holder. - Each Preference Share shall be entitled to one (1) vote per share at any meeting of the shareholders of the Company. - The holders of the Preference Shares shall be entitled to receive dividends if, as and when declared by the board of directors of the Company out of the assets of the Company properly applicable to the payment of dividends on an equal basis to the holders of common shares of the Company; - The Preference Shares will rank senior to the common shares of the Company, the non-voting Class A Special Shares and the non-voting Class B Special Shares in a distribution of the Company's assets upon dissolution or wind-up of the Company. - The holders of Preference Shares will be entitled to receive notice of and to attend all meetings of the shareholders of the Company and to vote on all matters submitted to a vote.
About LOREX Technology Inc.:
LOREX provides businesses and consumers with leading edge video surveillance security solutions and sells its products through distinct market channels under the LOREX and Digimerge brands. The LOREX brand, which caters to both small business and consumer markets, is available in over 9,000 retail locations across
LOREX subsidiaries include; LOREX
Certain information included in this news release contains statements that are forward-looking, such as the statements about financing alternatives. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Full financial statements along with Management's Discussion and Analysis can be obtained from SEDAR at www.sedar.com
For further information: Adam Levin, Director, LOREX Technology Inc., Phone: (216) 595-9828 ext 105, www.lorextechnology.com
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