TORONTO, ONTARIO — (Marketwire) — 05/08/12 — Aeroquest International Limited (“Aeroquest” or the “Corporation”) (TSX: AQL) is pleased to announce that it has received a final order of the Ontario Superior Court of Justice under the Business Corporations Act (Ontario) to approve the plan of arrangement (the “Arrangement”) pursuant to which Geotech Ltd. (“Geotech”) will acquire all of the issued and outstanding common shares of Aeroquest. The closing of the Arrangement is subject to certain customary conditions and is anticipated to occur on or before May 14, 2012.
At a meeting of shareholders of the Corporation on May 3, 2012, more than 95% of the shareholders voted in favour of the special resolution approving the Arrangement. Under the Arrangement, the Corporation–s shareholders will receive $0.15 in cash for each outstanding Aeroquest common share.
About Aeroquest International Limited
Aeroquest collects and interprets data that reveals what is at and beneath the earth–s surface. Aeroquest applies the best available technology in its world-wide search for economic concentrations of mineral and petroleum resources and in the precision-mapping of the earth–s surface and objects upon it. Aeroquest offers airborne geophysics surveys through Aeroquest Airborne, aerial geomatics surveys through Aeroquest Mapcon, and the custom design and construction of geophysical sensors and instruments through Geophex. More information about Aeroquest International can be found at .
For Investors
This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Aeroquest cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what Aeroquest currently foresees. Discussion of the various factors that may affect future results is contained in the recent filings of Aeroquest, available on SEDAR.
Contacts:
Aeroquest International Limited
Bob Motz
President & Chief Executive Officer
(905) 672-9129