WebTech Wireless deal for competitor OK’d

Shareholders of Grey Island Systems Int'l., a Toronto-based company that develops wireless vehicle location systems for fleets have approved a takeover by competitor WebTech Wireless of Vancouver. Grey Island shareholders representing approximately 55 per cent of the total shares outstanding voted 90 per cent in favour of an agreement worked out under Alberta's Business Corporations Act, the companies said in a news release Friday. Subject to court approval, the companies hope to close the deal Oct. 26. “With the formalities now nearly completed, we look forward to a long and successful relationship with the Grey Island founders, staff, customers and shareholders as we take advantage of our combined opportunities in North America and abroad, ” said WebTech CEO Anwar Sukkarie. In August WebTech announced it lost $169,000 for the quarter ending June 30 on revenue of $7.2 million. The loss was blamed on a foreign exchange loss of $341,000 largely due to the rise of the Canadian dollar.