MISSISSAUGA, Ontario, Oct. 30, 2007 (PRIME NEWSWIRE) -- D Mecatronics Inc. (Pink Sheets:DMTN) is pleased to announce new developments regarding the buyout of the company. This buyout is for all the outstanding shares of DMTN at USD.49 per share.
Berardino Paolucci, Chairman and CEO of D Mecatronics, announces, "Our Company has received a buy/sell agreement and it will be forwarded to our attorneys for review. Our intention is to issue a proxy statement including the details to the buy/sell agreement. Our hope is to have this proxy statement concluded by next week."
Furthermore, Mr. Paolucci commented, "The buyout process is moving forward rapidly. The company is committed to completing the transaction on a timely basis. Our attorney and advisors are busy preparing all the necessary documents to have a successful shareholder's meeting. The USD.49 offer is fair in light of the tremendous upside considering our pending business opportunities."
About D Mecatronics Inc.: (http://www.dmecatronics.com/)
D Mecatronics Inc. supplies components, integrated systems and robotic modules to the world's top ten automotive suppliers. Through independent subsidiaries the Company offers sector and technology specific solutions to enable our customers to dramatically accelerate time-to-market and revenue.
To date, the Company's primary activities include design, build and installation of tube-related automated systems used by automotive parts and assembly suppliers. The Company is currently offering products such as Seat Frame Systems, IP Tube systems and Integrated Bend-Weld Systems for the automotive industry.
The D Mecatronics Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2180
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.