Business
NOTICE OF PLANNED REORGANIZATION, SPINOFF AND DISSOLUTION
NOTICE OF PLANNED REORGANIZATION, SPINOFF AND DISSOLUTION.
About this update from Unitronix Corp.
[{"type":"text","content":" Press Release Dated 05.19.11NOTICE OF PLANNED REORGANIZATION, SPINOFF AND DISSOLUTION Unitronix Corporation [UTRX-OTC-PINK] announces that the following actions were approved by the board of directors and shareholders holding a majority of the company’s outstanding capital stock: a plan of reorganization of the capital structure of its subsidiaries and affiliates, a spinoff of the entity resulting from the reorganization, and the eventual dissolution of the company. The text of the actual notice being sent to all shareholders of record follows: Notice to Shareholders of Unitronix Corporation We are providing this notice to advise you of recent transactions approved by the company’s board of directors and a majority of its shareholders. In an effort to reduce some of the expense in maintaining the company’s current capital structure and to increase the company’s prospects of raising additional capital, the board of directors has approved a reorganization of the capital stock of the company’s subsidiaries and affiliates, a distribution of the capital stock of the entity resulting from the reorganization as a spinoff, and the eventual dissolution of the company. The reorganization involves the following: (1) incorporating and organizing Unitronix Mining and Technology Inc., a new Ontario, Canada corporation (“UMT”); (2) transferring the assets of 1522923 Ontario Incorporated (“152”), the company’s wholly-owned Canadian subsidiary, Aur Lake Exploration Inc. (“Aur”), a Canadian affiliate of which the company owns 45.4% of its capital stock, and 3936449 Canada Inc. (“393”), an indirect Canadian subsidiary of which 152 owns 61.3% of its capital stock, to UMT in exchange for shares of UMT capital stock (the “UMT Shares”); (3) cause 393 to spin off its UMT Shares to 152 and its other shareholders; (4) cause 152 and Aur Lake to spinoff their respective UMT Shares to ...