CARLSBAD, CA, Dec. 20, 2013 /CNW/ - Pivot Technology Solutions, Inc.
("Pivot" or the "Company") (TSXV: PTG) today announced that further to
its press release of November 21, 2013, the proposed exchange offer to
holders of its Series A preferred shares will be delayed, with mailing
of the circular now targeted for mid-January, 2014.
Warren Barnes, CEO of Pivot, stated, "Although we fully expected to
initiate the process before Christmas, we were unable to complete all
of the tasks and meetings as quickly as we had hoped. The holiday
periods proved to be a challenge to our ambitious schedule, but we
expect to be in a position to initiate the offer early in the New Year,
with completion anticipated by the end of February."
Since the exchange offer was announced, holders representing 23 million
Series A shares, or 25.9% of the amount of preferred shares
outstanding, have provided notice of conversion into common shares. An
aggregate of 65,718,880 Series A preferred shares are currently
About Pivot Technology Solutions, Inc.
Together with its portfolio companies and partners, Pivot delivers
solutions that enable organizations to design, build, implement and
maintain computing and communication infrastructure that addresses
their unique business needs. Pivot's approach supports improvement of
business performance, helps organizations reduce capital and operating
expenses, and accelerates the delivery of new products and services to
end-customers. With over 2,000 clients, many of whom are Fortune 1000
companies, Pivot extends its value added solutions to help
organizations of all sizes improve operating efficiency, reduce
complexity and enhance service delivery through virtualization and
cloud computing. Pivot enables businesses to extend their enterprise
through mobility solutions to better connect business partners and
customers. Pivot has offices throughout North America and can be found
online at www.pivotts.com.
Forward Looking Statement
This news release contains statements that, to the extent they are not
recitations of historical fact, may constitute "forward-looking
statements" within the meaning of applicable Canadian securities laws.
Forward-looking statements in this news release include statements
regarding the exchange offer, proposed mailing and closing date and the
assumptions underlying any of the foregoing. Pivot uses words such as
"may", "would", "could", "will", "likely", "expect", "believe",
"intend" and similar expressions to identify forward-looking
statements. Any such forward-looking statements are based on
assumptions and analyses made by Pivot in light of its experience and
its perception of historical trends, current conditions and expected
future developments, including the assumption that TSXV approval will
be obtained, that the circular relating to the exchange offer will be
mailed by mid-January, 2014, as well as other factors Pivot believes
are appropriate under the relevant circumstances. However, whether
actual results and developments will conform to Pivot's expectations
and predictions is subject to any number of risks, assumptions and
uncertainties. Many factors could cause Pivot's actual results, to
differ materially from those expressed or implied by the
forward-looking statements contained in this news release. These
factors include, without limitation: the risk that TSXV approval may
not be obtained within the timeframe expected or that the number of
Series A preferred shares not tendered to the exchange offer will
exceed the number anticipated, resulting in the issuance of a greater
number of common shares on conversion of Series A preferred shares than
expected. The "forward-looking statements" contained herein speak only
as of the date of this press release and, unless required by applicable
law, the Company undertakes no obligation to publicly update or revise
such information, whether as a result of new information, future events
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Pivot Technology Solutions, Inc.
For further information:
Pivot Technology Solutions, Inc.
Tel: 647 788 2034
Tel: 416 815 0700