Sonomax Hearing Healthcare Inc. (SHH: TSX Venture) is pleased to announce that its shareholders and noteholders approved a previously-announced Arrangement with Benvest New Look Income Fund (BCI:UN: TSX) at a special meeting of Sonomax security holders held today in Montreal. The Arrangement was approved by 99.92% of the votes cast by the holders of Sonomax's common shares, 100% of the votes cast by the holders of Sonomax's Series "A" First Preferred Shares, and 100% of the votes cast by the holders of Sonomax's convertible promissory notes.
Pursuant to the Plan of Arrangement, Sonomax shareholders will exchange their Sonomax shares on a one-for-one basis for shares of a new corporation, Sonomax Technologies Inc., as a result of which the current shareholders of Sonomax will hold 100% of the outstanding shares of Sonomax Technologies. As part of the Plan, holders of Sonomax's stock options, warrants and convertible promissory notes will exchange their securities for identical securities of Sonomax Technologies.
As previously announced, Sonomax will apply to the Québec Superior Court for a final order in respect of the arrangement on March 1, 2010. If the final order is granted by the Court, it is expected that the Arrangement will become effective on Tuesday, March 2, 2010. Sonomax expects that the common shares of Sonomax Technologies will commence trading on the TSX Venture Exchange under the stock symbol "SHH" on Monday, March 8, 2010, in substitution for the shares of Sonomax. The shares of Sonomax will continue to trade until that time.
At the meeting, Sonomax shareholders also approved the 2010 Stock Option Plan and Shareholder Rights Plan of Sonomax Technologies Inc.
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