NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Blackline GPS Corp. (TSX VENTURE:BLN) ("Blackline" or the "Company") announced today that it will seek Shareholder approval at its Annual and Special Meeting of Shareholders, to be held on May 12, 2011, to consolidate its Common Shares at a ratio of one (1) new share for each ten (10) outstanding Common Shares.
The Board of Directors of the Corporation has concluded that the consolidation is in the best interest of the Shareholders. If the Shareholders approve the Special Resolution, the consolidation would be implemented at the discretion of the Company's Board of Directors at that time and would then be subject to acceptance by the TSX Venture Exchange. The consolidation is expected to assist the Blackline's goal of fostering increased interest in the Company's shares from a wider audience of potential investors and would better position the Company for future strategic initiatives.
Currently, a total of 142,367,820 common shares in the capital of the Company are issued and outstanding. Accordingly, if put into effect on the basis of ten (10) existing common shares for one (1) new common share, a total of 14,236,782 common shares in the capital of the Company would be issued and outstanding following the said consolidation, assuming no other change in the issued capital.
About Blackline: Headquartered in Calgary, Canada, Blackline designs, develops and manufactures industrial, consumer and commercial safety products. The solutions developed by Blackline address work environments that recognize the need to protect employees working alone or in field situations, while also offering real-time and exact global positioning location information. Blackline's mission is to become the dominant manufacturer and marketer of the most technologically advanced connected safety products in the world. Allowing customers to PROTECT their valued assets, SHARE the conditions of their environment, and CONNECT with emergency services when necessary.
Neither the 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.