WebTech Wireless Inc. (TSX:WEW), a leading provider of vehicle fleet location-based services (LBS) and telematics technology, today reported that it intends to proceed with a non-brokered private placement to certain members of senior management and members of the board of directors for up to $500,000 worth of common shares to be issued at market price after the close of the market on March 25, 2010.
Participating in the placement will be Scott Edmonds, President and Chief Executive Officer, Owen Moore, Chief Operating Office, Brian Boychuk, VP Business Development, Andrew Moore, CTO Interfleet and certain independent members of the board of directors.
The Private Placement is being conducted to increase the equity interest of directors and members of senior management in the Company and will further align the interests of members of senior management and the board of directors with those of the shareholders.
“This placement is less about raising funds, than it is about management and the board expressing confidence in the Company. Issuing the shares from treasury allows the Company to benefit, which would not be the case with an open market purchase at the same price,” said Scott Edmonds. “We believe our shareholders will appreciate management and the board investing during the current transition period, and I thank all of the participants for their confidence.”
The proposed private placement remains subject to the approval of the Toronto Stock Exchange. Additional information regarding the proposed private placement will be provided following pricing and determination of the number of shares to be allotted. The Private Placement also allows management and certain directors to achieve share ownership levels that immediately meet the Company's newly adopted compliance policies regarding ownership positions held by directors and officers.
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 workforce management. The Company serves customers of all sizes in the government, transit, transportation, service, insurance and OEM markets in over forty-one countries, including Fortune 500 companies. Specialized solutions include: Quadrant® fleet management software, InterFleet™ solutions for government, and NextBus™ real-time passenger information services for public transit fleets. For more information regarding this News Release, please contact:
Investor Relations
The Equicom Group Inc.
Ross Marshall, Vice President
+1 416.815.0700 ext 238
rmarshall@equicomgroup.com
-or-
Joe Dhami
+1 877.811.4518 ext 462
ir@webtechwireless.com Press and Media
WebTech Wireless
Eric Wilson, Strategic Communications Mgr.
+1 778.386.2712
press@webtechwireless.com
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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 (CDN$) unless otherwise noted.
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