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Icron Technologies Corporation shareholders approve plan of arrangement

^{Published on 2011-08-10 14:41:20 - Market Wire}
 

VANCOUVER, Aug. 10, 2011 /CNW/ - Icron Technologies Corporation (TSXV: IT) ("Icron") announces that it has received shareholder approval for the proposed plan of arrangement (the "Arrangement") with Pender Financial Group Corporation and 7895461 Canada Inc.

Under the Arrangement, 7895461 Canada Inc. will acquire all of the issued and outstanding common shares of Icron (the "Icron Shares") in exchange for $0.53 in cash for each Icron Share.  Each holder of an option to acquire Icron Shares will receive a cash payment per option equal to the difference between $0.53 and the exercise price of the option.

The Arrangement was approved by a special resolution of shareholders of Icron at the Special Meeting held earlier today (the "Meeting"). The special resolution required affirmative votes from (a) 66²/3% of votes cast in person or by proxy by holders of Icron Shares, and (b) a majority of the votes cast in person or by proxy by holders of Icron Shares, other than the Icron Shares held by members of the purchaser group and 7895461 Canada Inc. (the "Minority Shareholders").  An affirmative vote was cast by 96.9% of shareholders and 93.6% of the Minority Shareholders represented in person or by proxy at the Meeting.

The Arrangement remains subject to the final approval of the Supreme Court of British Columbia and satisfaction of other closing conditions.  Icron expects that these further approvals and conditions will be obtained and satisfied, and that the Arrangement will be completed on or about August 26, 2011.  Concurrent with the completion of the Arrangement, Icron intends to apply to have the Icron Shares delisted from the TSX Venture Exchange and for Icron to cease to be a reporting issuer in British Columbia, Alberta and Ontario.

The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.

For further information, please contact:
Todd Hamel
Chief Financial Officer
604 638 3932
[ todd.hamel@icron.com ] | [ www.icron.com ]

About Icron Technologies Corporation
Icron Technologies (TSX-V:IT) is an innovative leader in the development and manufacturing of high-performance video and USB extension solutions for commercial and industrial markets worldwide. Icron's patented extension technology extends PC Video and USB devices over many media types including Cat 5, Fiber, Wireless, DisplayPort, Coax, Powerline, and over a corporate LAN. Icron's extension products are deployed in a wide range of applications such as digital home connectivity, industrial automation, medical imaging, aerospace, interactive digital signage, remote desktop extension, security and surveillance, enterprise computing, isolated USB, and point-of-sale markets, or anywhere where a PC needs to be remotely located from a display or peripheral device.

Icron is a publicly traded corporation and trades under the symbol "IT" on the TSX Venture Exchange. For more information on the company and its products, please visit [ http://www.icron.com ].

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.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release -- including, without limitation, statements regarding financial estimates and future plans and objectives of Icron -- are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.