SAINT-ELZEAR-DE-BEAUCE, QC, Feb. 20 /CNW Telbec/ - ADS Inc. ("ADS") (TSX:
AAL.A) is pleased to announce that ADS shareholders approved the proposed
amalgamation (the "Amalgamation") of ADS and 7097697 Canada Inc. ("Newco")
during the special meeting of the shareholders held today (the "Meeting").
The approval of the Amalgamation was required by way of a special
resolution (the "Special Resolution") passed by at least 66 2/3% of the votes
cast by ADS shareholders generally, and by a simple majority of the votes cast
by ADS shareholders excluding certain interested shareholders and their
related parties and joint actors (the "Public Shareholders"). The Special
Resolution was approved by 99.10% of the votes cast by ADS shareholders
generally and by 98.06% of the votes cast by the Public Shareholders present
or represented at the Meeting. The Amalgamation should be completed on or
about February 23, 2009.
In addition, the Solidarity Fund QFL (the "Fund") completed its
investment today in Newco through the subscription for a debenture for a
consideration of $5,400,000 and for 4,000,000 Class A shares for a
consideration of $3,600,000.
A copy of the relevant documents can be found on SEDAR at www.sedar.com
under the profile of ADS.
ADS, whose head office is based in Beauce, near Quebec City, is a
corporation active primarily in the manufacturing sector through subsidiaries
operating in the technical textiles field. For more information about ADS,
please visit the corporation's web site at www.adsinc.ca.
ABOUT THE FUND
With net assets of $6.2 billion as at November 30, 2008, the Fund is a
development capital company that, through its RRSP, channels the savings of
Quebecers into investments in all sectors of the economy to help create and
maintain jobs and to further Quebec's economic growth. The Fund is a partner,
either directly or through its network members, in 1,881 companies. It
currently has close to 575,000 shareholders and has helped, on its own or with
other financial partners, to create, maintain and protect over 126,000 jobs.
For more information, visit www.fondsftq.com.
This press release contains "forward-looking statements" within the
meaning of the applicable securities legislation relating to the proposal to
privatize ADS. Therefore, readers are cautioned not to place undue reliance on
forward-looking statements. Actual results and events may differ materially
from those contemplated by these statements depending on the risks that the
transaction may not be completed for any reason by the parties.
The forward-looking statements in this press release are made as of the
date of this press release and, except as required by law, ADS disclaims any
obligation to update publicly or revise any forward-looking statements,
whether as a result of new information or future events.
For further information:
For further information: Mr. Guy Drouin, President and Chief Executive
Officer, (418) 387-3383; Source: ADS Inc.