QUEBEC CITY, April 17 /CNW Telbec/ - Fortsum Business Solutions Inc.
("Fortsum Business Solutions ") (TSX Venture: FRT) announces that it has
mailed the notice of the special meeting and the accompanying management
information circular for the special meeting of the securityholders scheduled
for May 11, 2009. These documents were sent to all of those securityholders
registered in the corporate registers of Fortsum Business Solutions as of
April 9, 2009, the record date for determining admissibility to vote at the
The special meeting of the securityholders of Fortsum Business Solutions
has been called in order to submit for their approval the statutory plan of
arrangement under the provisions of the Canada Business Corporations Act
involving Fortsum Business Solutions and 4503961 Canada Inc. (the
"Purchaser"), a direct wholly-owned subsidiary of GFI Solutions Group Inc.
("GFI Solutions Group"), pursuant to which all of the outstanding securities
of Fortsum Business Solutions will be acquired by the Purchaser for $0.82 in
cash per share. The special meeting will take place at 10:00 am (Eastern time)
at Hotel Plaza Quebec, Room Plaza, 3031 Laurier Boulevard, Quebec City.
On April 1, 2009, GFI Solutions Group and the Purchaser entered into a
support and voting agreement with Fondaction pursuant to which Fondaction, le
Fonds de développement de la CSN pour la cooperation et emploi, has agreed to
support and vote in favour of the plan of arrangement and further, not to
solicit any competing transaction. As a result, the percentage of those
shareholders who have executed support and voting agreements with GFI
Solutions Group and the Purchaser is 58.4%. The plan of arrangement must be
approved by at least 66?% of the votes cast by securityholders, present in
person or represented by proxy and entitled to vote at the meeting, voting
together as a single class.
Prior to finalising the management information circular and before the
record date, the broker warrant was exercised in full by it's holder. As a
result, only the shareholders and the holders of options registered as of the
record date shall be entitled to vote at the special meeting.
The board of directors of Fortsum Business Solutions has recommended that
the securityholders vote in favour of the plan of arrangement.
The management information circular, the acquisition agreement and the
support and voting agreements have been filed with the securities authorities
in all of the provinces where Fortsum Business Solutions is listed and are
available on Sedar (www.sedar.com).
About Fortsum Business Solutions
Fortsum Business Solutions Inc. is mainly involved in the development,
integration, marketing and support of accounting, commercial and banking data
management software. For more information: www.fortsum.com.
About GFI Solutions Group
Based in Montreal, GFI Solutions Group is a leader in Canadian IT
consulting services and products to businesses and public and semi-public
sectors, including management consulting, application development, system and
application integration, outsourcing and technical writing services. GFI
Solutions Group has also developed three Excellency centers in transactional
systems and back-office applications for the banking industry, and ERP
solutions. With 750 employees, GFI Solutions Group is part of the top 25 IT
products and services consulting firms in Canada. It is also a member of the
GFI Informatique group, an international organization with over 9,500
collaborators worldwide and revenues exceeding one billion CAD. For more
information about GFI Solutions Group, please visit www.gfisolutionsgroup.com.
This press release contains forward-looking statements relating to the
proposed acquisition of Fortsum Business Solutions. Statements based on
management's current expectations contain known and unknown inherent risks and
uncertainties. Actual results may vary from forecasts. The reader should not
place undue faith in forward-looking information. The completion of the
transactions contemplated by the acquisition agreement relating to the
arrangement is subject to certain conditions. Failure to complete such
transactions could have a material adverse effect on the trading price of
shares of Fortsum Business Solutions.
Neither 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.
For further information:
For further information: André Thompson, Chair of the Board and Chief
Executive Officer, email@example.com; Dany Beaudet, Corporate
Communications Coordinator, (418) 877-5051, ext. 2272, 1 888 268-0088, F: 418