SALT LAKE CITY, Nov. 22, 2010 /PRNewswire-FirstCall/ -- Otix
Global, Inc. (Otix) (Nasdaq: OTIX) announced today that its
shareholders voted to approve the Agreement and Plan of Merger
dated September 13, 2010 between Otix
and William Demant Holding A/S (WDH), as subsequently amended on
October 6, 2010 and October 14, 2010 (the merger agreement).
The merger agreement provides that WDH will acquire all the
outstanding common stock of Otix. Of the shares voted,
approximately 99.5% voted in favor of the proposal to adopt the
merger agreement, which represented approximately 68.3% of the
total outstanding shares as of October 18,
2010, the record date.
Under the terms of the merger agreement, Otix shareholders will
receive $11.01 in cash for each share
of Otix common stock they own. Completion of the merger remains
subject to clearance pursuant to the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 and other customary closing conditions.
Subject to the satisfaction of these conditions, the merger is
expected to close within the next week.
ABOUT OTIX GLOBAL:
Otix Global designs, develops, manufactures and markets advanced
digital hearing aids designed to provide the highest levels of
satisfaction for hearing impaired consumers.
Any statements in this press release about future expectations,
plans and prospects for Otix, including statements about the
expected timetable for consummation of the proposed transaction
among WDH and Otix, and any other statements about WDH's or Otix's
future expectations, beliefs, goals, plans or prospects, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. These statements may
contain the words "believes," "anticipates," "plans," "expects,"
"will" and similar expressions. Actual results may differ
materially from those currently anticipated due to a number of
risks and uncertainties that are subject to change based on factors
that are, in many instances, beyond the control of WDH and Otix.
Risks and uncertainties that could cause results to differ from
expectations include: the merger may not be approved by the United
States Federal Trade Commission or the United States Department of
Justice; the merger agreement may be terminated according to its
terms prior to the finalization of the merger; the announcement of
the pending merger with WDH may have a significant and deleterious
effect on our business; the occurrence of any event or proceeding
that could give rise to the termination of the merger agreement;
the inability to complete the merger due to the failure of the
closing conditions to be satisfied; the outcome of any legal
proceedings that may be instituted in connection with the merger;
uncertainties as to the timing of the merger; the effects of
disruption from the transaction making it more difficult to
maintain relationships with employees, customers, suppliers,
banking partners, other business partners or governmental entities;
other business effects, including the effects of industry, economic
or political conditions outside of the control of WDH and Otix;
transaction costs; actual or contingent liabilities; or other risks
and uncertainties described in the section titled "Risk Factors" in
Otix's Annual Report on Form 10-K for the year ended December 31, 2009, and in Otix's 10-Q for the
quarter ended September 30, 2010, as
filed by Otix with the Securities and Exchange Commission, and
described in other filings made by Otix from time to time with the
Securities and Exchange Commission.
We undertake no obligation to revise our forward-looking
statements to reflect events or circumstances after the date hereof
as a result of new information, future events or otherwise.
SOURCE Otix Global, Inc.