LEVIS, QC, Nov. 3, 2016 /CNW Telbec/ - DEQ Systems Corp. (TSXV: DEQ) is pleased to announce that its shareholders have today approved a special resolution authorizing the previously announced plan of arrangement pursuant to which SG Canada Acquisitions, Inc., a wholly-owned subsidiary of Scientific Games Corporation, will acquire all of the outstanding common shares in the capital of DEQ for a cash payment of CDN$0.38 per common share of DEQ.
The special resolution, which required the approval of at least two-thirds of the votes cast by shareholders, was approved by 96.49% of the votes cast by shareholders.
The plan of arrangement is also subject to the approval of the Superior Court of Québec (Commercial Division) at a final hearing which is scheduled to be held on November 10, 2016 in Montreal, Quebec at 9:00 a.m. (EST) or as soon thereafter as counsel may be heard. It is anticipated that the arrangement transaction will be completed in the fourth quarter of 2016 or the first quarter of 2017 following the satisfaction or waiver of all the conditions of closing, including among other things, receipt of the Court's approval.
About DEQ Systems
DEQ Systems Corp. (TSXV: DEQ) is one of the market leaders in Table Games, Progressive Systems, Proprietary Table Games content and Utility solutions. DEQ's systems and games are installed in over 300 casinos, in 30 countries around the world. The combination of our services, industry leading products and revenue generation capabilities make DEQ a leader for innovation in the table game bonusing segment of the global gaming market. For more information, please visit www.deq.com.
This press release includes forward-looking information within the meaning of applicable securities legislation. Forward-looking information describes future expectations, plans, results or strategies and can often be identified by the use of terminology such as "may," "will," "estimate," "intend," "plan," "continue," "believe," "expect," "anticipate," "estimate," "should," "could," "potential," "opportunity," or similar terminology. Forward-looking information is based upon management's current expectations, beliefs, assumptions and estimates and are not guarantees of timing, future results or performance. Forward-looking information contained in this press release includes, without limitation, statements pertaining to the completion of the plan of arrangement. It is uncertain whether any of the events or results anticipated by the forward-looking information (including consummation of the proposed transaction) will transpire or occur. Forward-looking information involves certain risks and uncertainties and other factors that could cause actual results to differ materially from those indicated in such forward-looking information, including but not limited to: uncertainties as to the timing of the consummation of the proposed transaction and the ability of the parties to consummate the proposed transaction; the satisfaction of the conditions precedent to consummation of the proposed transaction; the ability to obtain required gaming approvals at all or in a timely manner; litigation related to the proposed transaction; disruption of current plans and operations as a result of the proposed transaction; and the other risks, uncertainties and important factors contained and identified (including under the heading "Risk Factors") in DEQ's management proxy circular dated October 3, 2016, which is available on SEDAR at www.sedar.com, any of which could cause actual results to differ materially from the forward-looking information. All forward-looking information in this press release speaks as of the date of this press release. DEQ does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise.
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 DEQ SYSTEMS CORP.
For further information: DEQ: Joe Bertolone +775-450-0115, President & Chief Executive Officer, Joe.Bertolone@DEQ.com