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TORONTO, ONTARIO--(Marketwired - Mar 14, 2016) - EFT Canada Inc. ("EFT Canada" or the "Company") (TSX VENTURE:EFT) and 1422748 Ontario Inc. (the "Purchaser") are pleased to announce the successful completion of the previously announced plan of arrangement (the "Arrangement") involving EFT Canada and 1422748 Ontario Inc. (the "Purchaser"). The Arrangement was completed pursuant to the terms and conditions of an arrangement agreement dated January 22, 2016 between EFT Canada and 1422748 Ontario Inc., and effected by way of a plan of arrangement under the Business Corporations Act (Ontario).
As previously announced, EFT Canada's shareholders approved the Arrangement at a special meeting of shareholders held on March 9, 2016. The Arrangement was subsequently approved by the Superior Court of Ontario at a hearing held on March 11, 2016.
Pursuant to the Arrangement, the Purchaser acquired all of the issued and outstanding common shares (the "Common Shares"), excluding those already owned, of EFT Canada at a price per Common Share of $0.105 (the "Cash Consideration"). The Common Shares are expected to be delisted from the TSX Venture Exchange at the close of trading on March 15, 2016.
In order to receive the Cash Consideration in exchange for their Common Shares, registered shareholders must complete, sign, date and return the letter of transmittal that was mailed to each registered shareholder. The letter of transmittal is also available from EFT Canada's depositary, Equity Financial Trust Company or under EFT Canada's profile at www.sedar.com.
A shareholder whose Common Shares are registered in the name of a broker, investment dealer, bank, trust company, trustee or other intermediary or nominee should contact that intermediary or nominee for instructions and assistance in depositing their Common Shares and receiving the Cash Consideration.
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.
EFT Canada Inc.