NCI:CC - NTG Clarity Announces Share Consolidation
(TheNewswire)
Toronto, ON / T heNews wire / March 18, 2024 / NTG Clarity Networks Inc. (TSX.V:NCI, OTC:NYWKF); NTG Clarity Networks Inc. (the“ Company ”) announces that it plans to proceed with a consolidation of itsoutstanding common shares (“ Shares ”) on the basis of one (1)post-consolidation Share for every five (5) pre-consolidation Shares(the “ Consolidation ”).
The Consolidation was approved by shareholders at theannual and special meeting of shareholders held on July 7, 2023. TheShares are expected to begin trading on a consolidated basis on theTSX Venture Exchange on March 20, 2024.
As a result of the Consolidation, the number of issuedand outstanding Shares will be reduced from 187,672,355 Shares to37,534,471 Shares, subject to treatment of fractional Shares.
Any fractional interest in Shares that is less than 0.5of a Share resulting from the Consolidation will be rounded down tothe nearest whole Share and any fractional interest in Shares that is0.5 or greater of a Share will be rounded up to the nearest wholeShare.
The new CUSIP number for the post-consolidation Sharesis 62940V203 and the new ISIN number is CA62940V2030.
Shareholders who hold their Shares in brokerageaccounts are not required to take any action to affect an exchange oftheir Shares.
Registered shareholders will receive a letter oftransmittal from Odyssey Trust Company, the Company’s transferagent. The letter of transmittal will contain instructions on howregistered shareholders can exchange their share certificatesrepresenting pre-consolidation Shares for new certificatesrepresenting post-consolidation Shares. Until surrendered, each sharecertificate representing pre-consolidation Shares will represent thenumber of whole post-consolidation Shares to which the holder isentitled as a result of the Consolidation.
About NTG Clarity NetworksInc.
NTG Clarity Networks’ vision is to be a global leaderin digital transformation solutions. As a Canadian company establishedin 1992, NTG Clarity has delivered software, networking, and ITsolutions to large enterprises including financial institutions andnetwork service providers. More than 600 IT and network professionalsprovide design, engineering, implementation, software development andsecurity expertise to the industry’s leading enterprises.
Forward Looking Information
Certain statements contained in this press releaseconstitute forward-looking information. These statements relate tofuture events or future performance. The use of any of the words“could”, “intend”, “expect”, “believe”, “will”,“projected”, “estimated” and similar expressions andstatements relating to matters that are not historical facts areintended to identify forward-looking information and are based on theCompany's current beliefs or assumptions as to the outcome and timingof such future events. Actual future results may differ materially.
In particular, this press release containsforward-looking information with respect to the completion of theConsolidation and the expected timing of the Shares trading on aconsolidated basis. Various assumptions or factors are typicallyapplied in drawing conclusions or making the forecasts or projectionsset out in forward-looking information. Those assumptions and factorsare based on information currently available to the Company. Thematerial factors and assumptions include obtaining all necessaryregulatory approvals of the Consolidation, general economicconditions, market conditions, interest rates, exchange rates, accessto capital and competitive conditions in the networking, IT andnetwork enabled software solutions industry.
The Company cautions the reader that the above list ofrisk factors is not exhaustive. The forward-looking informationcontained in this release is made as of the date hereof and theCompany is not obligated to update or revise any forward-lookinginformation, whether as a result of new information, future events orotherwise, except as required by applicable securities laws. Due tothe risks, uncertainties and assumptions contained herein, investorsshould not place undue reliance on forward- looking information. Theforegoing statements expressly qualify any forward-looking informationcontained herein.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
For Further Information:
Adam Zaghloul, Vice President, Strategy &Planning
NTG Clarity Networks Inc.
Ph: 905-305-1325
Fax: 905-752-0469
Email: adam@ntgclarity.com
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