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Leading Independent Proxy Advisory Firms Glass Lewis and ISS Recommend that BSM Technologies and Webtech Wireless Shareholders Vote FOR the Merger
TORONTO and VANCOUVER , Sept. 11, 2015 /CNW/ - BSM Technologies Inc. ("BSM") (TSX-V:GPS...
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[{"type":"text","content":"\n\nTORONTO and VANCOUVER, Sept. 11, 2015 /CNW/ - BSM Technologies Inc. (\"BSM\") (TSX-V:GPS), a leading provider of remote monitoring, fleet management, and fleet diagnostics systems, and Webtech Wireless Inc. (\"Webtech Wireless\") (TSX:WEW), a leading provider of GPS fleet management solutions, are pleased to announce that Glass, Lewis & Co. LLC (\"Glass Lewis\") and Institutional Shareholder Services Inc. (\"ISS\"), two leading independent proxy advisory firms which provide voting recommendations to institutional investors, have each recommended that shareholders of Webtech Wireless vote FOR the special resolution to approve the plan of arrangement (the \"Arrangement\") in connection with the \"merger of equals\" type transaction between BSM and Webtech Wireless. \n\nGlass Lewis and ISS also recommended that BSM shareholders vote FOR the ordinary resolution to approve the maximum number of common shares of BSM that may be issued in connection with the Arrangement. \n\nOn July 30, 2015, BSM and Webtech Wireless announced the Arrangement to create a leading telematics company positioned for growth. The combination is expected to create a global top 20 commercial fleet telematics provider with 155,000 subscribers, focused on the rail, government, construction, trucking, and service verticals. The transaction is structured as a merger of equals whereby existing BSM and Webtech Wireless shareholders will own approximately 51% and 49% of the combined company, respectively, allowing both companies' shareholders to participate in the significant anticipated synergies and enhanced growth opportunities resulting from the combination.\n\nAdditional information concerning the Arrangement can be found in the joint management information circular (the \"Joint Circular\") and related proxy materials of BSM and Webtech Wireless which are dated August 19, 2015 and were recently mailed to shareholders of each company. An electronic copy of the Joint Circular is available on BSM's website at www.bsmwireless.com and on Webtech Wireless' website at www.webtechwireless.com. It is also available under the issuer profile of each company on SEDAR at www.sedar.com.\n\nCompletion of the Arrangement is subject to, among other things, receiving the requisite shareholder and court approvals, and is subject to closing conditions customary in transacti...