SofTech, Inc. held a Special Meeting of its shareholders (the Special Meeting) on October 5, 2016 commencing at 10:00 a.m. at its offices located at 650 Suffolk Street, Suite 415, Lowell, MA 01854 to vote upon two previously announced proposals. Proposal No. 1 was to authorize the sale by SofTech of substantially all of the assets comprising its ProductCenter and Connector business (the PLM Sale) to SofTech Group Incorporated, an affiliate of Essig Research Inc. (the PLM Sale Proposal). Proposal No. 2 was to adjourn the Special Meeting, if necessary or appropriate, to solicit additional proxies if there were insufficient votes at the time of the Special Meeting to approve the PLM Sale Proposal. The Proposals are described in detail in SofTechs Proxy Statement filed with Secu rities and Exchange Commission on September 19, 2016.
The results of the voting for each of the two proposals were as follows:
Proposal No. 1
Proposal No. 2
There were 903,724 shares of SofTechs common stock eligible to vote at the Special Meeting. Therefore, the Proposals were approved by 79.7% of SofTechs shareholders. Proposal No. 1 required the approval of the holders of at least two-thirds of SofTechs outstanding common stock. Therefore, the PLM Sale was approved by the SofTech shareholders.
SofTech expects that the closing of the PLM Sale will occur on or about October 14, 2016.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 12, 2016
/s/ Joseph P. Mullaney
Joseph P. Mullaney
Chief Executive Officer
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Other recent filings from the company include the following:
Notification of inability to timely file Form 10-Q or 10-QSB - April 17, 2017