MISSISSAUGA, Ontario, Nov. 8, 2007 (PRIME NEWSWIRE) -- D Mecatronics Inc. (Pink Sheets:DMTN) today announced that it has scheduled a special meeting of shareholders for December 14, 2007 to consider approval of the all-cash buyout offer it has recently received. This offer has been described in greater detail in the company's previous press releases. Shareholders of record at the close of business on November 14, 2007 will be entitled to vote in person or by proxy at the meeting.
The special meeting will be held in Toronto, Ontario, Canada. The exact time and location of the meeting will be announced in the proxy materials for the meeting, which D Mecatronics will send to its shareholders of record in the next week. These materials will include a description of the matter to be voted on at the meeting, along with a proxy card enabling shareholders to indicate their vote on the matter. D Mecatronics will also make the proxy materials available by filing them on the Pink Sheets website (www.pinksheets.com) and D Mecatronics website (www.dmecatronics.com)
Under the terms of the proposed buyout transaction, D Mecatronics shareholders would receive $0.49 in cash for each share of D Mecatronics common stock held. Subject to the satisfaction of customary closing conditions, the transaction is anticipated to close at the end of January 2008.
Shareholders may attend the special meeting if they are listed as shareholders of record at the close of business on November 14, 2007 and bring proof of identification. If they hold their shares through a broker or other nominee, they will need to provide satisfactory proof of share ownership, which will be described in the proxy materials.
The Company is subject to the Delaware General Corporation Law, which requires that notice of a special shareholder meeting "shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting. If mailed, notice is given when deposited in the United States mail, postage prepaid, directed to the stockholder at such stockholder's address as it appears on the records of the corporation."
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.