NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Blackline GPS Corp. (TSX VENTURE:BLN) ("Blackline" or the "Company") announced today its Board of Directors has authorized the implementation of a share consolidation on the basis of one post-consolidation Common Share for every 10 pre-consolidation Common Shares, effective June 23, 2011 (the "Effective Date") as further approved by shareholders at the Company's annual and special meeting held on May 12, 2011.
The approximately 143 million Common Shares of the Company currently outstanding will be reduced to approximately 14.3 million Common Shares subsequent to the consolidation. No fractional shares will be issued. Any fractions of a share will be rounded down to the nearest number of Common Shares that is a multiple of 10. The exercise or conversion price and the number of Common Shares issuable under any of the Company's outstanding warrants and stock options will be proportionately adjusted upon consolidation.
The share consolidation has received approval from the TSX Venture Exchange ("TSXV").
The Company's Common Shares will continue to be traded on the TSXV under the symbol "BLN" on a post-consolidation basis, under a new CUSIP number – 09238M304. Blackline's Common Shares are expected to begin trading on a post-consolidation basis on the TSXV when markets open on June 24, 2011.
Blackline has retained its transfer agent, Olympia Trust Company, to act as exchange agent for the share consolidation. Shareholders of record as at the Effective Date will receive a letter of transmittal providing instructions for the exchange of their Common Shares as soon as practicable following the Effective Date. In light of the recent postal strike in Canada, the physical delivery of the letters of transmittal for use in connection with the consolidation may be delayed. Accordingly, shareholders may also obtain a copy of the letter of transmittal by accessing the Company's SEDAR profile at www.SEDAR.com.
About Blackline: Headquartered in Calgary, Canada, Blackline is an industrial safety and commercial product manufacturer. The company solutions address work environments focused on employee safety, while also offering connected hardware to improve security and communicate logistical information of company assets. The industrial business also aims to supply growing legislated and regulated markets, which exist largely around the globe, with service plans which provide functionality based on product hardware. The Company also maintains a suite of products and services which service the consumer and retail environment. Blackline's technology, dedication and vision combine to create an ever-growing suite of tools designed to Protect. Share. Connect™.
This press release contains forward looking statements. More particularly, this press release contains statements concerning the anticipated mailing of letters of transmittal, the trading of the Common Shares on the TSXV on a post-consolidation basis and the number of Common Shares of the Company that are anticipated to be outstanding subsequent to the consolidation. Although Blackline believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Blackline can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The mailing of the letters of transmittal is subject to the status of the current strike by Canada Post and is outside of the control of the Company. Furthermore, the trading of the Common Shares on a post-consolidation basis may be delayed if Blackline is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The forward looking statements contained in this press release are made as of the date hereof and Blackline undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.