VANCOUVER, BRITISH COLUMBIA, October 19 /CNW/ - CRI Canada Inc. affiliate
Canadian Premier Holdings, Ltd. and Selient Inc. (TSX Venture:HTI) announced
today they have signed an agreement for Selient Inc. to be acquired for $.1725
CDN per share outstanding on the date of close. With this acquisition, CRI
Canada will expand its credit union presence and enhance its position as a
leading provider of loan origination technology.
The transaction will proceed by way of an arrangement pursuant to
Sections 49 and 123.107 of the Companies Act (Quebec) and by a separate plan
of arrangement pursuant to Section 50 of that Act. The transaction is subject
to the approval of Selient shareholders, warrantholders, regulatory approvals,
Canadian court supervision of the arrangement, and other conditions which are
customary in transactions of this nature. The Company plans to call a special
meeting of its shareholders and a separate special meeting of its
warrantholders to address this matter in December 2007. The Company will issue
a further press release announcing the record date and availability of the
information circular. Upon close of the transaction, Selient will be a
wholly-owned subsidiary of Canadian Premier Holdings, Ltd. The transaction is
expected to be completed in the fourth quarter of 2007.
Once the acquisition is completed, CRI Canada and its partners will
benefit from expanded operations and technology, including ProLender,
ProLender Business Edition (ProBE), and Decision Assistant. 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
"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,
President & CEO of Selient. "I am confident clients of both product lines will
benefit from our combined expertise and look forward to the partnership."
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.
Forward Looking Statements
"This news release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts and are identified by
words such as "will", "expects", "would", "may" and other terms with similar
meanings. Forward-looking statements are based on current beliefs, assumptions
and expectations as of the date of this news release and are subject to risks
and uncertainties that could cause actual results to differ materially from
current expectations. The material factors and assumptions that could cause
the forward-looking statements made in this news release to differ materially
from current expectations include, without limitation, the following: (1)
unexpected delays in obtaining regulatory approvals; (2) failure to obtain the
approval of shareholders or the court of the plan of arrangement; (3) actions
that may be taken by the customers and suppliers of Selient, Creditor
Resources, Inc., CRI Canada Inc. or Canadian Premier Holdings, Ltd. that may
cause the transaction to be delayed or not completed, and (4) the possibility
that the revenues, cost savings, growth prospects and any or other synergies
expected from the proposed transaction may not be fully realized or may take
longer to realize than expected. We assume no obligation to update or revise
any forward-looking statement whether as a result of new information, future
events or any other reason, and readers are urged not to place undue reliance
on such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: CRI Canada Meshon Hill, 972-881-6908 or Selient
Bryan McCaw, 416-234-0098, x 212