1 Dec 2008 07:00
Redline Communications Group Inc. - Notice of Cancellation of AIM Listing
All figures in US Dollars unless specified
TORONTO, Dec. 1 /CNW/ - Redline Communications Group Inc. ("Redline" or "the Company"), , today announced that following a review of the Company's AIM listing by its board of directors ("Board"), the Company has decided to cancel the admission of its common shares to trading on the AIM market of the London Stock Exchange ("AIM") with effect from 7.00 a.m. GMT on Monday 5 January 2009 (the "Cancellation Date"). The last trading day on AIM will be Friday 2 January 2009.
Given the Company's Canadian focused shareholder base, the Board concluded that the additional costs incurred in maintaining a second listing on AIM were inappropriate. Due to the relatively low number of the Company's shareholders holding shares in CREST and the low volume of trading in shares on AIM, when compared with the regulatory and financial commitment required to maintain an AIM listing, the Board considers it to be in the best interests of the Company to seek a cancellation of its shares from trading on AIM.
The Company will maintain its listing on the Toronto Stock Exchange ("TSX") and shareholders wishing to trade the Company's Common Shares after the Cancellation Date will be able to do so through that market. Shareholders should not therefore be materially prejudiced by the proposed cancellation of the AIM listing.
CREST Depositary Interest ("CDI") holders will not be required to move their holdings from CREST until such time as they wish to trade their CDIs or transfer them to the Canadian Depository System ("CDS") through the Depository Trust Company ("DTC"). CDI holders wishing to transfer their position should contact their broker or independent professional adviser for the procedures. For those not familiar with the Canadian securities system, public information on the Company can be accessed through www.sedar.com, an independent website on which all regulatory filings must be made.
About Redline Communications
Redline Communications (www.redlinecommunications.com) is the leading provider of fixed and mobile standards-based wireless broadband solutions. Redline's RedMAX(TM) WiMAX Forum Certified(TM) system, RedMAX 4C Mobile WiMAX(TM) products, and its award-winning broadband wireless infrastructure family of products - RedCONNEX(TM) and RedACCESS(TM) - enable service providers and other network operators to cost-effectively deliver high-bandwidth services, including voice, video and data communications. Redline is committed to maintaining its wireless industry leadership with the continued development of WiMAX and other advanced wireless broadband products. With more than 100,000 systems in 85 countries, and a global network of over 170 partners, Redline's experience and expertise helps service providers, enterprises and government organizations roll out wireless broadband networks to support advanced communications.
NOTE: All registered and unregistered trademarks mentioned in this release are the property of their respective owners. Forward-Looking Statements
Certain statements in this release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws and are made pursuant to the "safe harbour" provisions of such laws. Statements related to potential benefits of, and demand for, Redline's products including statements with respect to the features and benefits that may be achieved through the use of Redline's products and the relative position of these products vis-ƒ -vis competitive offerings in the industry are forward-looking statements which are subject to certain assumptions, risks and uncertainties. These risks and uncertainties include such factors as rapid technological changes, long uncertain sales cycles, demand for our products, the introduction of competing technologies, meeting industry standards, regulatory risk, dependent on key partners and resellers and other similar factors that may cause the actual results, performance or achievements of Redline to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Redline assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information: Redline Communications, Carolyn Anderson, canderson(at)redlinecommunications.com, Tel: (905) 479-8344; Equicom Group, Craig Armitage, Vanessa Beresford, carmitage(at)equicomgroup.com, vberesford(at)equicomgroup.com, Tel: (416) 815-0700; Canaccord Adams, Neil Johnson, Andrew Chubb, Tel: +44 (0)20 7050 6500 (RDL)
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