NEW YORK, June 28, 2016 /CNW/ - Crescendo Advisors II LLC ("Crescendo") announces that on June 27, 2016, Crescendo Partners II LP, Series R2 and Crescendo Partners III LP, two funds that it manages (collectively, "Crescendo"), and its joint actor, Jamarant Capital, L.P. (the "Significant Shareholders"), entered into an agreement (the "Agreement") with BSM Technologies Inc. ("BSM") pursuant to which BSM has agreed to appoint three nominees of the Significant Shareholders (the "Nominees") to the board of directors of BSM (the "Board"), namely Gregory Monahan, David Sgro and Kelly Edmison. Pursuant to the Agreement, two of the Nominees will replace two current Board members and the third Nominee will be appointed as an additional director following the increase of the size of the Board from six to seven members.
The Significant Shareholders own an aggregate amount of 8,344,800 common shares of BSM, representing approximately 10.05% of BSM's issued and outstanding common shares. The Significant Shareholders own common shares of BSM for investment purposes. Crescendo and Jamarant may, depending on market and other conditions, acquire additional common shares of BSM or dispose of some or all of their existing or additional common shares of BSM, whether in the open market, by privately negotiated agreements, or otherwise.
The head office of BSM is located at 75 International Boulevard, Suite 100, Toronto, Ontario, M9W 6L9.
This press release is issued in accordance with the early warning requirements under applicable Canadian securities laws as a result of a change in a material fact set out in a previous report. A copy of the early warning report required to be filed will appear with BSM's documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
SOURCE Crescendo Advisors II LLC
For further information: For further information or to obtain a copy of the related early warning report, please contact: Crescendo Advisors II LLC, 777 3rd Avenue, Floor 37, New York, New York, 10017, United States of America, Contact: Eric Rosenfeld, President and CEO, (212) 319-7676