MISSISSAUGA, ON / ACCESSWIRE / April 8, 2019 / DataWind Inc. (NEX: DW.H), a leader in the delivery of Internet access in emerging markets, recently held an Annual General and Special Meeting of Shareholders.
All matters to be acted upon, as announced in the management information circular passed without exception. There were no new motions from the floor. The results, as expressed as a percentage of votes cast in favor, for the following directors, auditor, share consolidation and name change were respectively as follows; Suneet Tuli (97%), Raja Tuli (91%), Jonathan Brockhouse (98%), Jerry Tarasofsky (97%); Auditor NVS Chartered Accountants (99%); Share Consolidation (96%) and, Name Change (98%).
At the Meeting, Shareholders approved a special resolution to change the Corporation's name to "Jeotex Inc." to better reflect the Corporation's business activities as it transitions away from the hardware business, towards its accelerated web delivery platform. Effective at the market open of the NEX on Tuesday, April 9, 2019, the common shares of Jeotex Inc. will commence trading on the NEX under the new stock symbol "JTX.H". The new CUSIP number of Jeotex Inc. common shares will be 47632F103 and the new ISIN number will be CA47632F1036.
Having obtained shareholder approval and necessary approvals from the TSX Venture Exchange to consolidate its common shares on the basis of twenty (20) pre-consolidation common shares for one (1) post-consolidation common share, the consolidation will be effective at the open of markets on Tuesday, April 9, 2019. At the Effective Date, the Company will have 1,215,984 post-consolidated shares issued and outstanding. The Company has sent a letter of transmittal to its registered shareholders outlining the procedures to follow in order to exchange their certificates of current shares of DataWind Inc. for new post-consolidation common share certificates of Jeotex Inc. Shareholders are asked to carefully read the letter's instructions in order to receive their new share certificates.
The Company also announces that it has filed its Change of Auditor Notice in accordance with s. 4.11 of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102") to report the resignation of NVS Chartered Accountants (the "Former Auditor") as its auditor, and has appointed HDCPA Professional Corporation as the successor auditor. The Former Auditor resigned on March 29, 2019. The resignation of the Former Auditor was approved by the board of directors of the Company. There were no reservations in the Former Auditor's reports on the Company's financial statements relating to the period during which the Former Auditor was the Company's auditor. There are no reportable events for disagreements or consultations (as those terms are defined in NI 51-102) in connection with the change of auditor. There is no reportable event for an unresolved issue. Pursuant to NI 51-102, the letter from the Former Auditor has been reviewed, and the Notice of Change of Auditor has been approved, by the board of directors of the Company. Both of these documents are available on SEDAR.
DataWind, Inc. is a leader in providing affordable mobile Internet connectivity in emerging markets. The company's patented, cloud-based technology reduces up to 97% the amount of data needed for web browsing, providing a broadband experience on any network - even on legacy 2G networks that are still prevalent in some developing countries. DataWind also provides economical smartphones and tablets. DataWind's unique solution offers broad social and economic benefits for the billions of people around the world for whom an Internet connection was previously out of reach. DataWind is traded on the NEX (NEX: DW.H). For more information, visit www.datawind.com.
This press release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with our business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend" and similar expressions to the extent they relate to the Company or its management. The forward- looking statements are not historical facts, but reflect management's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company's expectations, except as prescribed by applicable securities laws.
Key assumptions made in preparing the forward-looking statements contained in this Press Release include, but are not limited to, the following: The Company will continue to successfully increase its sales volumes, the Company will be able to maintain its gross margin, and the Company will continue to effectively manage the transition from private to public entity by hiring key senior and middle management and effectively rolling out and adopting appropriate policy changes.
No securities regulatory authority has either approved or disapproved the contents of this press release/media advisory.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Suneet S. Tuli
Chief Executive Officer
SOURCE: DataWind Inc.