TORONTO, March 2, 2007 (PRIME NEWSWIRE) -- Infolink Technologies Ltd. (TSX-V:IFL) ("Infolink" of the "Company") announces that on Tuesday, March 6, 2007, the Company's shares will recommence trading on the TSX Venture Exchange ("TSX-V") under the trading symbol "IFL". In connection with the reinstatement to trading of its shares and at the request of the TSX-V, the Company wishes to provide the following up-date.
Reinstatement to Trading
The Company's shares have been the subject to a halt in trading since October 12, 2004 made at the request of the Company. From November 5, 2004, the TSX-V ordered that the shares remain subject to a halt in trading pending clarification of Company affairs. As a result of a Cease Trade Order issued by the Ontario Securities Commission, the Company shares have been suspended from trading by the TSX-V since January 28, 2005. On May 11, 2005, the Company obtained a revocation order from applicable securities regulators lifting the Cease Trade Order on the Company's securities. Since the revocation of the Cease Trade Order, Infolink has been working with the TSX-V to address certain governance issues raised by the TSX-V pertaining to the Company's affairs. As a condition to the reinstatement to trading of Infolink's shares, the TSX-V mandated that Infolink add two new independent directors with senior public company experience (which has now been completed by the appointment of Mr. Henry Knowles and Mr. Jeff Renwick to Infolink's board of directors as discussed below. The TSX-V also mandated that and two of Infolink's directors complete various TSX-V's courses (which has been done).
New Directors
The Company is pleased to announce that at its annual general meeting held on February 28, 2007, two new independent directors were appointed to its Board.
Henry J. Knowles, Q.C. is a business and financial consultant. Mr. Knowles is currently a director of a number of publicly listed companies.
Jeffrey W. Renwick is President & CEO of Orbus Pharma Inc., a TSX listed company (TSX:ORB).
As a result of these new appointments, the Board of Directors of Infolink is now comprised of Wanda Lee (President/CEO, CFO & Director); Martin Heppner, Stewart Wright C.A. (Chairman), Jeffrey Renwick and Henry J. Knowles, Q.C.
Cesar Correia, a former officer and director of the Company, and still a controlling shareholder and co-founder of the Company, remains Manager of Operations of Infolink.
Litigation Update
Reference is made to Note 3 to the Company's first quarter interim financial statements for the period ended November 30, 2006 (filed on SEDAR on January 26, 2007) for the most current up-date with respect to the ongoing litigation matters that the Company is subject. As has been previously disclosed, such litigation initially saw the appointment of a Monitor and Inspector over Infolink's affairs between the periods July 7, 2004 and March 17, 2005. Also as previously disclosed, the court appointed Monitor was discharged on October 19, 2004 and the court appointed Inspector was discharged on November 22, 2005. The Company continues to pursue (and defend) the claims it has brought (and is subject to) in respect to allegations in the proceedings in question. There has been no material developments in the litigation for the past year.
About Infolink
As one of Canada's leading news and information disseminators, Infolink Technologies Ltd. has set "The New Standard" in delivering critical business news to comprehensive networks that are fully recognized by all Stock Exchanges and Securities Commissions within Canada. Through Infolink's proprietary Press Release Dissemination System (PRDS), information is received by thousands of brokers, analysts and media across Canada, the United States and worldwide. Founded in 1995, Infolink employs a proprietary communication mix that integrates e-mail, fax, and voice broadcast technology to create the most powerful, cost-effective communication and information solutions. E-casting(tm), Voicecasting(r) and Certified Disclosure(tm) are Trademarks of the Company.
Infolink corporate headquarters are in Toronto, Ontario. Currently, it has 34,770,415 common shares issued and outstanding.
For more information about Infolink, visit www.infolinkca.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.