WorldGate Communications said its shareholders are closer to approving the sale of "certain" assets tied to its interactive television assets to TVGateway LLC.
WorldGate said stockholders were in favor of the proposal by a 30-to-1 margin when its stockholders meeting adjourned on Tuesday. The vote will reconvene at 2:30 p.m. Eastern time on Tuesday, Sept. 30, the company said.
WorldGate stockholders also elected six members to its board: Hal Krisbergh, Steven Davidson, Clarence Irving Jr., Martin Jaffe, Jeff Morris and Lemuel Tarshis. Shareholders also approved a recapitalization plan that, if implemented by the WorldGate board, would result in a one-for-20 reverse stock split of the company's common stock.
The company announced in August its original plans to sell off its interactive program guide and iTV assets to TVGateway. WorldGate is now moving ahead on a videophone business.