C-COM Satellite Systems Inc. Announces Purchase of Stock by Chief Executive Officer
OTTAWA, ONTARIO--(Marketwire - Oct. 30, 2012) - C-COM Satellite Systems Inc. (TSX VENTURE:CMI) announced that effective October 30, 2012, Leslie Klein, C-COM's Chief Executive Officer, acquired control, directly or indirectly, over 638,873 common shares of C-COM, representing approximately 1.9% of the issued and outstanding shares of C-COM.
Such shares were acquired for investment purposes at $0.50 per share in a private transaction and not through the facilities of the TSX Venture Exchange. One half of such shares were acquired by Dr. Klein's spouse, Vera Klein.
Following such acquisition, Dr. Klein holds, directly or indirectly, or exercises control or direction over 13,431,970 common shares of C-COM representing approximately 39.8% of the issued and outstanding common shares. Dr. Klein also holds options to purchase an additional 750,000 common shares of C-COM, which, if fully exercised as of the date hereof, would represent approximately 2.2% of the issued and outstanding common shares of C-COM.
Dr. Klein intends to rely on this press release pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues - and the applicable Canadian securities legislation.
About C-COM Satellite Systems, Inc.
C-COM Satellite Systems, Inc. is a leader in the development and deployment of commercial grade mobile satellite-based technology for the delivery of two-way high-speed Internet, VoIP and Video services into vehicles. C-COM has developed a unique proprietary Mobile auto-deploying (iNetVu(TM)) antenna that allows the delivery of high-speed satellite based Internet services into vehicles while stationary virtually anywhere where one can drive. The iNetVu Mobile antenna has also been adapted to be deployable from transportable platforms. The company's satellite-based products and services deliver high-quality, cost-effective solutions for both fixed and mobile applications throughout the world. More information is available at: www.c-comsat.com
iNetVu(TM) is a registered trademark of C-COM Satellite Systems Inc.
FOR FURTHER INFORMATION PLEASE CONTACT:
C-COM Satellite Systems Inc.
Leslie Klein, Ph.D., P.Eng. / President and CEO
(613) 745-4110 ext. 4950
(613) 745-1172 (FAX)