Vancouver, BC - April 30, 2007 - At the Annual and Special Meeting of the shareholders of Even Technologies Inc. ("Even Technologies" or the "Company") to be held on Tuesday, June 5, 2007 at 9:30 a.m., shareholders will be asked to consider and, if thought fit, pass a special resolution, the implementation of which will result in the elimination of all registered shareholdings of less than 100 shares in exchange for a cash payment.
The Company has a large number of registered shareholders holding small numbers of common shares. The Company spends a significant amount of money each year printing and mailing materials required by statute (such as annual reports and information circulars) and servicing their accounts through the Company's registrar and transfer agent. In addition, the Company has not been provided the correct mailing addresses for a significant number of these shareholders.
The Company has decided to address these issues by implementing a program to acquire holdings of less than 100 common shares ("Small Shareholdings"). Subject to shareholder approval and acceptance from the TSX Venture Exchange (the "TSX"), the Small Shareholdings will be acquired through a consolidation of the common shares on a 1 for 100 basis (the "Consolidation"), the cancellation of fractional shares, and the subsequent subdivision of the remaining shares on a 100 for 1 basis. Shareholders whose shares are cancelled pursuant to this process will be entitled to receive a cash payment equal to the number of pre-Consolidation common shares held by such holder multiplied by the weighted average trading price per pre-Consolidation common share on the TSX during the ten consecutive trading days ending on and including the trading day immediately prior to June 5, 2007, the date on which Shareholders are to consider and, if deemed advisable, pass a special resolution approving the Consolidation and cash payment for fractional shares.
A full description of the transactions summarized above is contained in the Company's Management Information Circular dated April 23, 2007, which has been filed on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and is available for viewing under the Company's name at www.sedar.com.
There will be no change to the Company's name following the Consolidation and subsequent subdivision. As at April 27, 2007, there were 72,816,902 common shares in the capital of the Company issued and outstanding and it is estimated there will be 72,788,067 common shares issued and outstanding following the proposed implementation of By-law No. 2.
The Company believes that most of the holders of the Small Shareholdings will welcome the opportunity to dispose of their shares without being required to pay a brokerage commission, which, due to the small size of their shareholdings, is presently uneconomical.
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For more information, visit www.eventechnologies.com.
On Behalf of the Board of Directors:
(signed) "Nick Ringma"
Nick Ringma
President
604 689 1858
About Even Technologies Inc.
Even Technologies is a Vancouver, Canada based company, specializing in advanced solutions for profitable IPTV delivery. Even's PSI™ Smart Compression allows service providers to deliver standard definition video at only 750kbps and high definition video at less than 3Mbps. Built into a complete system including real time encoders, middleware and upgradeable set-top boxes, the PSI™ technology provides the telecommunications sector with a new alternative for delivering interactive digital television. The Company has also implemented the PSI™ technology into a range of applications for medical imaging, security identification photos and media streaming to the PC and mobile environment. For more information, please visit www.eventechnologiesinc.com.
Copyright © 2007 Even Technologies Inc.™, EVEN™, PSI™, dme™ and other marks, names, logos and icons identifying Even Technologies Inc. and Even Technologies' products and services referenced herein are trademarks or registered trademarks of Even Technologies Inc. All other company, product and/or brand names or marks are the trademarks of their respective owners.
Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this business plan are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbor for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.