E-Zone Media Networks shareholders have voted to approve a merger with two other exercise entertainment companies.
“Our vote went through,” said Todd Simpson, E-Zone’s co-founder and chief technology officer. “There are a few more closing conditions we’re working through.”
If all goes according to plan, by month’s end, the private Calgary company, will become part of the world’s largest exercise entertainment firm, along with Netpulse Communications of San Francisco and Xystos Media Networks of Quebec City.
The companies design and market technology which is attached to stationary bicycles and treadmills. The equipment enables people to watch TV, listen to radio, surf the Internet and follow personal exercise programs as they work out in fitness centres.
Once the merger is completed, the new company is expected to serve 11 million users.
E-Zone executives postponed revealing the vote count to shareholders for a week as Netpulse officials in San Francisco sorted through financial details. Vote results were not released, but there was no sign of major objections.
E-Zone has approximately 300 shareholders. Their approval removes a major hurdle because they will control a slight majority of the 35 million shares.
Simpson said, “Obviously, a few things haven’t come together” but he’s confident the deal will close. He and other E-Zone personnel travelled to Quebec City last weekend to meet with Xystos staff and discuss future projects.
The new company will be known as Netpulse E-Zone Media Networks. It is slated to go public within a year, but new chief executive officer Andy Wiswell said the name could change.
