Edmonton, Alberta, March 14, 2016 – Titan Logix Corp., (TSX Venture: TLA) (“Titan” or the “Company”), an advanced technology industrial instrumentation and controls company, announced that it has been provided with a notice purporting to requisition a special shareholders’ meeting (the “Requisition”) dated March 10, 2016 from The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust (the “Trust”), an affiliate of InterTech Group Inc., a holder of 19.05% of Titan’s shares.
The Requisition demands the convening of a special meeting of shareholders at which shareholders will be asked to vote on a resolution to remove three of Titan’s directors and replace them with three nominees of the Trust, and to set the number of directors at five. The Requisition also requests that shareholders consider at the special meeting a resolution to terminate Titan’s shareholder rights plan.
The Company is reviewing the Requisition, including reviewing its validity as well as the validity of certain of the actions contained in the Requisition, and will provide a detailed response in due course. Titan’s Board of Directors has formed a special committee of two independent directors to assist the Board in its response to the Requisition. In the meantime, there is no need for shareholders to take any action.
About Titan Logix Corp.
Founded in 1979, Titan Logix Corp. (“Titan” or “the Company”) is a high technology company specializing in Research and Development (R&D), manufacturing and marketing of advanced technology fluid management solutions. The Company’s products include Guided Wave Radar (GWR) gauges for level measurement and overfill prevention (particularly for use in mobile tanker applications), level gauges for storage tanks, and communication systems for remote alarming and control. Our products are currently used in the oil and gas, waste fluid collection, chemical and aviation industries.
Titan’s products are part of a complete asset management solution. The full solution consists of Titan’s products integrated with best-in-class third party solutions to enable our complete fluid management throughout each stage of their fluid handling processes. This is captured by our slogan “Advanced Technology Fluid Management Solutions, In the Field, On the Road, In the Office”™.
- In the Field: “In the Field” refers to Titan’s solution offerings for storage tanks and process vessels.
- On the Road: “On the Road” refers to Titan’s solution offerings for mobile tanker trucks and trailers.
- In the Office: “In the Office” refers to Titan’s solution offerings that enable customers to monitor their fluid assets from the convenience of their dispatch center or other back office environment through a wired or wireless connection.
Titan Logix Corp. is a public company listed on the TSX Venture Exchange and its shares trade under the symbol TLA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chief Executive Officer
Ph: (780) 462-4085
TSX Venture, TLA