VANCOUVER, BRITISH COLUMBIA, December 19 /CNW/ - CRI Canada Inc.
affiliate Canadian Premier Holdings Ltd. and Selient Inc. today jointly
announced the closing of Canadian Premier's acquisition of Selient Inc., which
was acquired for $.172526 CDN per share outstanding on the date of close by
way of arrangements under the Companies Act (Quebec) involving shareholders
and warrantholders of Selient Inc. The final order of the Quebec Superior
Court approving the arrangements was rendered on December 17, 2007. Selient is
now a wholly-owned subsidiary of Canadian Premier Holdings Ltd. The shares of
Selient Inc. are expected to be delisted from the TSX Venture Exchange
effective at the close of trading on Wednesday, December 19, 2007.
With this acquisition, CRI Canada expands its credit union presence and
enhances its position as a leading provider of loan origination technology.
CRI Canada and its partners also benefit from expanded operations and
technology. CRI Canada values its credit union partnerships and will continue
to develop and fully support both CRI and Selient product lines to further
enhance client-focused service and support.
"Our combined expertise and resources position us to offer Credit Unions
even greater diversity and functionality for their core lending functions,"
says Nicole Benson, President of CRI Canada. "Our vision is to provide true
Enterprise Point-of-Sale technology, with fully integrated workflow for the
entire range of credit union products and services."
"Both companies bring state-of-the-art technology and a keen
understanding of the marketplace to this relationship," says Bryan McCaw,
former President & CEO of Selient. "I am confident clients of both product
lines will benefit from our combined expertise and look forward to the
ABOUT CRI CANADA
CRI Canada Inc. is a leading marketer of credit insurance products and
technology for the Canadian credit union industry. Affiliated with Life
Investors Insurance Company of America, CRI Canada is an AEGON company. CRI
Canada is locally based, with a business presence in British Columbia,
Alberta, Manitoba, Saskatchewan, and Ontario. CRI has been marketing insurance
products and services, and providing technology, marketing, and service
solutions to the credit union market in Canada for more than two decades.
Thanks to a team of talented employees, they are the partner of choice for
Canadian credit unions of all sizes.
CRI Canada is an affiliate of Creditor Resources, Inc. (CRI). CRI has
conducted insurance-related business in North America for more than 30 years.
They have helped more than 750 credit unions - with millions of members -
operate more efficiently and profitably. With more than 200 employees and
representatives in Canada and the U.S., and an on-going commitment to
practical results-oriented technology, the insurance products and services
they market are tailor-made for credit unions. Canadian Premier Holdings,
Ltd., an affiliate of CRI Canada, is the Canadian holding company to Canadian
Premier Life Insurance Company and Legacy General Insurance Company located in
ABOUT SELIENT INC.
Selient Inc. provides financial institutions with Internet-delivered
lending software via the Software As A Service (SaaS) model. The Company's
offerings include ProLender, a consumer loan origination system; ProLender
Business Edition, a commercial and agricultural lending system and Decision
Assistant(TM), a credit risk decisioning tool. ProLender is a leading loan
origination system in the Canadian financial institution market. The common
shares of Selient are listed on the TSX Venture Exchange under the symbol HTI.
More information is available at www.selient.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: CRI Canada Inc. Veronica Mouring, 410-209-5617
or Selient Inc. Chris Flint, 410-796-0908 ext. 216