MISSISSAUGA, Ontario, Dec. 5, 2007 (PRIME NEWSWIRE) -- D Mecatronics Inc. (Pink Sheets:DMTN) yesterday announced that it has completed a definitive proxy statement regarding the proposed buyout of D Mecatronics. The proxy materials can be viewed and downloaded now on D Mecatronics website (www.dmecatronics.com), and included are detailed instructions on how to vote.
A special meeting of the shareholders of D Mecatronics, to consider matters relating to the proposed buyout, will be held on December 14, 2007 at 10:00 a.m., local time, at D Mecatronics headquarters, 7669 Kimbel Street, Mississauga, Ontario Canada. D Mecatronics stockholders of record as of the close of business on November 14, 2007 will be entitled to vote at the special meeting. Subject to the satisfaction of customary closing conditions, the transaction is anticipated to close at the end of January 2008.
As previously announced on October 3, 2007, D Mecatronics received a purchase offer for all of the outstanding shares of the corporation, which was subsequently approved unanimously by each respective Board of Directors. Pursuant to the buyout offer, the buyer in trust will purchase all of the issued and outstanding common stock of D Mecatronics in an all cash transaction valued at approximately US$120 million.
The Company's Board of Directors has unanimously determined that the proposed buyout is in the best interests of the Company and recommends that stockholders vote "FOR" the proposed buyout. The proposal requires the approval of a majority of the D Mecatronics shares that are present or represented by proxy at the shareholder meeting.
Shareholders are encouraged to read the Company's definitive proxy materials in their entirety as they provide, among other things, a detailed discussion of the process that led to the proposed buyout and the reasons behind the Board of Directors' unanimous recommendation that stockholders vote FOR the proposed transaction and the buyout of all D Mecatronics issued and outstanding common stock.
D Mecatronics shareholders are reminded that their vote is very important regardless of the number of shares of common stock they own. Whether or not shareholders are able to attend the Special Meeting in person, they should complete, sign and date the proxy card and return it as soon as possible.
Shareholders who have questions about the proposed buyout or need assistance in submitting their proxy or voting their shares should contact Dino Paolucci Jr. (Vice President and Director of public relations)
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.