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Message: Avantec Technologies Inc./ Raytec Metals Corp. Capital Reorganization
| February 2, 2009 |
| Avantec Technologies Inc.-Amendment to January 30, 2009 Press Release: Completion of Raytec Metals Corp. Capital Reorganization |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2009) - Avantec Technologies Inc. (the "Company" or "Avantec")(TSX VENTURE:AVV) has been informed by Raytec Metals Corp. ("Raytec") that Raytec has completed the delivery of 29,300,000 shares (the "Avantec Shares") it held in the Company by way of a return of capital to all shareholders of record of Raytec as of November 15th, 2006 (the "Eligible Shareholders"). Each Eligible Shareholder received 2.285 Avantec Shares for each Raytec share the Eligible Shareholder owned. Of the 29,300,000 Avantec Shares distributed, 2,930,000 have been issued with a legend restricting their tradability until July 23, 2009 in accordance with the requirements imposed on the return of capital by the TSX Venture Exchange. Computershare Investor Services Inc ("Computershare"), the registrar and transfer agent of both Raytec and Avantec, effected the return of capital. Computershare has mailed out certificates representing the Avantec Shares to all registered Eligible Shareholders and for Eligible Shareholders whose shares were held in brokerage accounts, has electronically delivered Avantec Shares to the corresponding clearing houses for onmward deposit to brokerage accounts. Any interested shareholders are encouraged to contact Computershare's client services department at 1 800 564-6253 to receive further details. As a result of this reorganization of its business, Raytec no longer has any registered or beneficial direct or indirect ownership of any shares of Avantec, and has ceased to be an insider and Avantec's controlling shareholder. As a result of the return of capital referred to above, Mr. Jerry Minni acquired 14,282,185 common shares, which represent approximately 26.97% of the issued and outstanding common shares of the Company. As a holder of over 20% of the issued and outstanding shares of the Company, Mr. Minni is a control person of the Company. The Company has been advised that Mr. Minni has filed a report under National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103") of the Canadian Securities Administrators in connection with the distribution and this news release pursuant to Multilateral Instrument 62-104 - Take Over Bids and Issuer Bids (the "62-104 News Release"). The 62-104 News Release and the report required under NI 62-103 will be filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") under the Company's profile at www.sedar.com. On behalf of the Board, AVANTEC TECHNOLOGIES INC. |
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