Avensys Corporation to Hold a Special Meeting of Shareholders

Special Meeting Seeks Shareholder Approval of the Sale of Sole Operating Subsidiary

Jan 25, 2010, 17:17 ET from Avensys Corporation

MONTREAL, Jan. 25 /PRNewswire-FirstCall/ -- Avensys Corporation (Pink Sheets: AVNY; FRANKFURT WKN: A0M9YA) announced today that it has issued the proxy circular for its Special Meeting of Stockholders of Avensys Corporation which will be held at 1000 de la Gauchetiere Street West, Suite 2500, Montreal, Quebec, on February 8, 2010 at 9:00 a.m. (EST).

As publicly announced on December 17, 2009, Avensys Corporation, a Nevada corporation, has agreed to sell the shares of its wholly-owned subsidiary Avensys Inc., a Canadian Corporation, pursuant to the agreement with 3S Photonics SA ("3S"), a world-leading French manufacturer of optical and optoelectronic components for telecommunications network, based in Nozay (Essonne near Paris) France. 

As the shares of Avensys Inc. represent substantially all of the Company's assets, the closing of the sale of the shares requires approval by the affirmative vote of the holders of a majority of the voting shares of common stock held by stockholders eligible to vote on the record date of January 19, 2010 ("Requisite Approval.") According to the terms of the agreement with 3S, the closing of the sale of the shares of Avensys Inc. is subject to customary conditions, including the obtaining of certain third party consents and the Requisite Approval. All material conditions for closing under the 3S Agreement have been obtained, or waived, or are expected to be obtained by the date of the Special Meeting. Accordingly, provided that the Requisite Approval is obtained at the Special Meeting of Stockholders, the sale of the shares of Avensys Inc. will be completed as soon as possible following the meeting.

To view the complete Proxy Circular, please click here

About Avensys Corporation

Avensys Corporation operates Avensys Inc., its wholly-owned core subsidiary. Avensys Inc., through its manufacturing division Avensys Tech, designs, manufactures, distributes, and markets high reliability optical components and modules as well as FBGs for the telecom market and high power devices and sub-assemblies for the industrial market. Avensys Tech is also a pioneer in the development of packaged fiber-based sensors and possesses leading edge intellectual property. Avensys Solutions, the other division of Avensys Inc., is an industry leader in providing instrumentation and integrated solutions for the monitoring of industrial processes and environmental surveillance applications for air and water in the Canadian marketplace.  To find out more about Avensys Inc., visit our website at www.avensys.com. For Avensys Corporation company news and updates you can also visit www.avensyscorporation.com.

SOURCE Avensys Corporation