MISSISSAUGA, Ontario, Dec. 17, 2007 (PRIME NEWSWIRE) -- D Mecatronics Inc. (Pink Sheets:DMTN) today announced that its shareholders voted at a special meeting held on Friday, December 14, 2007 in favor of the preliminary purchase proposal it recently received from Investment Company "LesKo," a Russian investment company. A quorum of shareholders was present at the meeting in person or by proxy, and the voting of the shareholders at the meeting was unanimous in favor of the preliminary proposal.
LesKo's proposal has been described in greater detail in the company's previous press releases, as well as in the shareholder proxy materials previously made available on the Company's website at http://www.dmecatronics.com/news.php?id=36.
Under the terms of LesKo's preliminary purchase proposal, as represented by an unsigned proposed stock purchase agreement submitted to the Company by LesKo, D Mecatronics shareholders would receive $0.49 in cash for each share of D Mecatronics common stock held. The Company, having received shareholder approval in this preliminary, non-binding referendum, will now conduct a standard due diligence review to verify the suitability of the LesKo proposal and pursue negotiations with LesKo to finalize a definitive agreement, which will be submitted to the Company's shareholders for final shareholder approval. Subject to the satisfaction of customary due diligence, the Company anticipates that a definitive agreement with LesKo may be reached by January 31, 2008, which will thereafter be submitted for shareholder approval.
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.