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Blackline GPS Corp. Announces Share Consolidation
June 27, 2011 Calgary, Alberta - Blackline GPS (TSX VENTURE:BLN - News; "Blackline" or "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™.
For further information please contact:
Cody Slater - CEO
403 451-0327
cslater@blacklinegps.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, 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™.
