ELLIPSIZ COMMUNICATIONS ANNOUNCES SHARE CONSOLIDATION
TORONTO, ONTARIO – JUNE 4, 2019 – Ellipsiz Communications Ltd. (TSXV: ECT) (the “Company” or “ECL”) wishes to announce a consolidation of the Company’s issued and outstanding common shares (“Common Shares”) on the basis of ten (10) pre-consolidation Common Shares for each one (1) post-consolidation Common Share (the “Consolidation”). The Company’s shareholders authorized the Consolidation at the annual and special meeting of shareholders held on September 20, 2018. Subject to the final approval of the Consolidation by the TSX Venture Exchange (“TSXV”), the post-Consolidation Common Shares will be posted for trading on the TSXV on Thursday, June 6, 2019 (“Effective Date”) under the current symbol “ECT” and new CUSIP number 288664202.
The 237,293,119 Common Shares issued and outstanding prior to the Consolidation will be consolidated on the Effective Date to approximately 23,729,312 Common Shares. No fractional Common Shares will be issued if, as a result of the Consolidation, a shareholder would otherwise be entitled to a fractional Common Share. If, as a result of the Consolidation, a Shareholder is entitled to a fractional Common Share, such fractional Common Share that is less than ½ of one (1) post-Consolidation Common Share will be cancelled and each fractional Common Share that is at least ½ of one (1) post-Consolidation Common Share will be rounded up to one (1) whole post-Consolidation Common Share.
Registered shareholders of the Company will be receiving a letter of transmittal requesting that they forward their pre-Consolidation Common Share certificates to the Company’s transfer agent, Computershare Investor Services Inc., in exchange for new Common Share certificates representing their Common Shares on a post-Consolidation basis. Until surrendered, each share certificate representing pre-Consolidation Shares will represent the number of whole postConsolidation Shares to which the holder is entitled as a result of the Consolidation.
The Company, through its indirect operating subsidiary, ECTW, focuses on setting up operations support systems (“OSS”), being systems which control and monitor network activities, for many communication service providers, including mobile network providers, fixed line telephone operators, cable operators and internet service providers (ISPs) in Taiwan. ECTW tailors a unique solution for each client depending on its particular needs, which involves setting up, customizing and integrating a combination of third party hardware and OSS software.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Eric Chan, CFO
T: 416 977-3223