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Zaptronix denies it will delist

Johannesburg - Technology company Zaptronix said on Thursday that it does not intend to delist from the JSE Securities Exchange.

The company said in a statement that it had come to the attention of management that press articles covering the announcement by Zaptronix of its acquisition of DuO Solutions Provider have reported that Zaptronix may delist from the JSE.

"The directors and major shareholder in Zaptronix, Gandalf Trust, would like to make it clear that this is not the case and that it has never been the intention of either Zaptronix, DuO, the directors of the merged entity or the corporate advisors to the transaction to delist Zaptronix," it said.

The reference in the announcement of the transaction to the uncertainity of the continued listing is a JSE Listings requirement, in that the transaction amounts to a reverse takeover and is accordingly subject to the JSE's assessment of the suitability for listing of the company after the proposed acquisition, it added.

The trustees of Gandalf Trust - the restructuring advisor to Zaptronix - advised all stakeholders that their involvement in companies is aimed at refocusing business operations and seeking new opportunities for such companies, with the intention of restoring value for shareholders.

It is accordingly never their intention to delist the companies in which they become involved, Zaptronix said.

"Shareholders are accordingly re-assured that it is the intention of the directors to retain the Zaptronix listing and to build the company through organic growth and future acquisitions," it said.

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