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CALL GENIE PROVIDES RESULTS OF SPECIAL MEETING OF SHAREHOLDERS HELD ON DECEMBER 29, 2011
December 29, 2011
Toronto, Ontario December 30, 2011 - Call Genie Inc. (TSX: GNE) ("Call Genie" or the "Company") announced today that all resolutions presented by management at a special meeting of the shareholders of the Company held on December 29, 2011 were approved. A copy of the management proxy circular, as filed with certain securities regulatory authorities in Canada, is available on the SEDAR website, under the Company's profile.
As disseminated in a Call Genie press release dated December 6, 2011, the items of business considered at the Meeting were as follows:
- Consideration of a special resolution approving and authorizing an amendment to the articles of the Company to change the name of the Company;
- Consideration of an ordinary resolution approving and authorizing (i) a reduction in the prices at which common shares of the Company ("Common Shares") may be issued upon the conversion of $11.5 million aggregate principal amount of outstanding convertible secured debentures of the Company and (ii) authorizing the issuance of Common Shares upon the exercise of conversion rights (at the reduced conversion price) attached to the Debentures(the "Debenture Conversion Price Amendment"); and
- Consideration of an ordinary resolution approving and authorizing the issuance of up to 8,125,000 Common Share purchase warrants ("Warrants") in connection with a debenture conversion program proposed to be implemented by the Corporation (to incentivize holders of up to $1,625,000 aggregate principal amount of outstanding convertible secured debentures previously issued by the Corporation and maturing August 31, 2012 to convert those debentures into Common Shares), on the basis that for each $1,000 principal amount of debentures converted, the Corporation will issue to the former holder of such debentures 5,000 Warrants, each of which will entitle the holder to purchase one Common Share, at any time and from time to time until December 31, 2013, at an exercise price of $0.12 per Common Share (the "Debenture Conversion Incentive program").
In addition, a collateral resolution was passed whereby the Directors of the Corporation were authorized to fix a time by which holders of Debentures must confirm their intention to participate in the Debenture Conversion Price Amendment or the Debenture Conversion Incentive program through delivery of validly executed terms sheets or other instruments acceptable to the Directors, as a condition of their ability to participate in the Debenture Conversion Price Amendment or the Debenture Conversion Incentive program.
About Call Genie Inc.
Call Genie is a leading global solutions provider in mobile local search and mobile digital interactive advertising. Call Genie enables traditional industries to move to new business models that support the connection of mobile consumers and local merchants. Solutions provided include search and advertising serving technology and services that utilize advanced wireless networks as well as the mobile internet to enable a "mobile ecosystem" that encompasses advertisers, service providers (e.g., internet yellow pages, carriers, network broadcasters) and mobile users. Currently, Call Genie solutions are deployed in 12 countries around the world. www.callgenie.com.
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