WINNIPEG, MANITOBA -- (Marketwire) -- 06/22/11 -- OMT Inc. (TSX VENTURE: OMT) ("OMT") held its annual general and special meeting of shareholders today and received strong shareholder support for all resolutions on the meeting agenda.
As previously announced, OMT has closed a non-brokered private placement offering of subscription receipts ("Subscription Receipts") and has issued 15 million Subscription Receipts, at a price per $0.05 per Subscription Receipt, for aggregate gross proceeds of $750,000. The conversion of the Subscription Receipts into common shares and warrants of OMT is subject to certain conditions as previously announced.
At the shareholder meeting today, the following was approved:
-- Consolidation of OMT's authorized and issued common shares on a nine (9)
pre-consolidation common shares for one (1) post-consolidation common
share basis;
-- A change of control of OMT that will result from the conversion of the
Subscription Receipts into common shares and warrants of OMT, and the
consolidation of the common shares of OMT. With this conversion, Emprise
Special Opportunities Fund Limited Partnership will become a controlling
shareholder of OMT.
Having received the support of its shareholders, OMT will now advance the remaining conditions of the private placement, including OMT reaching new arrangements with its debt and debenture holders and final TSX Venture Exchange approval for all proposed transactions. The consolidation of OMT's common shares will not take place until all conditions of the private placement are satisfied.
OMT also concluded other business matters, including the re-election of Bill Baines, Rick Workman, Ken Bicknell and Murray Bamforth as directors, approval of a revised stock option plan and the reappointment of Ernst & Young as its auditors.
About OMT
OMT Inc. (TSX VENTURE: OMT) is a technology solutions and content provider to the broadcast and entertainment industries across North America and Internationally. iMediaTouch is OMT's radio broadcast solution used by our clients to distribute audio content heard by millions of people worldwide through television, radio, satellite, cable and internet broadcasts. To learn more about our Company, products and services, visit www.omt.net.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
Contacts:
OMT Inc.
Bill Baines
President & CEO
(204) 975-0792
bbaines@omt.net
