D Mecatronics Inc.'s Board of Directors Accepts Buyout Offer
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MISSISSAUGA, Ontario, Oct. 17, 2007 (PRIME NEWSWIRE) -- The Board of Directors of D Mecatronics Inc. (Pink Sheets:DMTN) is pleased to announce that it has unanimously accepted the proposed buyout. The offer is for a buyout of all of the outstanding shares of the company for 0.49 per share in cash. The Board recommends that shareholders accept this offer.
"We believe the proposed price for the transaction is fair to D Mecatronics' shareholders. We intend to move quickly to complete the transaction. A shareholders' meeting will be held on November 28th in Toronto to vote on the offer. The location and time will be announced in a future PR," said Berardino Paolucci, Chairman and CEO.
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.