SOUTH WINDSOR, Conn., Oct. 8 /CNW/ -- Gerber Scientific, Inc. (NYSE: GRB)
("Gerber") today reaffirms its offer to acquire, through a wholly owned
Canadian subsidiary, all of the outstanding shares of Virtek Vision
International, Inc. (TSX: VRK) ("Virtek"), a leading provider of high value
industrial laser solutions, for C$1.05 per share in cash.
The Board of Directors of Virtek unanimously supports the Gerber offer
and recommends to Virtek's shareholders that they accept it. Gerber's
take-over bid circular containing details of the transaction was mailed to
Virtek's shareholders on September 15, 2008, along with a directors' circular
of Virtek. The deadline for Virtek shareholders to tender their shares to
Gerber's offer is October 21, 2008. The acquisition is fully financed and
will be funded through Gerber's existing $125 million line of credit.
Marc T. Giles, President and CEO of Gerber Scientific, Inc., stated,
"Even in these turbulent economic times, we are committed to follow through on
our full, fair and final offer for Virtek at our stated price. We believe
this transaction is in the best interest of Virtek's shareholders, employees
and customers, and we encourage all of Virtek's shareholders to tender their
shares prior to the deadline."
Jaguar Financial Corporation (TSX: JFC) ("Jaguar") announced on September
15, 2008 that it intended to make an offer to acquire all Virtek common shares
not already owned by Jaguar for cash consideration of C$1.12 per share,
commencing on or about September 30, 2008. To date, no formal offer has been
made by Jaguar for Virtek's common shares and Virtek has stated that Jaguar
has not accepted Virtek's invitation to conduct due diligence of Virtek's
non-public information. Gerber does not believe that Jaguar will make an
offer for Virtek's common shares. According to public reports, Jaguar owns
19.9% of Virtek's outstanding common shares.
Gerber's offer is subject to various conditions that must be satisfied
prior to take-up and payment by Gerber, including, but not limited to, the
valid deposit of not less than 66-2/3% of the outstanding common shares of
Virtek (on a fully diluted basis). In the absence of other formal offers,
Gerber encourages shareholders to tender their shares by October 21, 2008.
Unless 66-2/3% of Virtek's common shares (on a fully diluted basis) are
tendered, Gerber's offer will expire and no transaction with Gerber will
Enquiries concerning the Gerber offer should be directed to Gerber's
information agent Kingsdale Shareholder Services Inc., toll free at
About Gerber Scientific, Inc.
Gerber Scientific, Inc. (http://www.gerberscientific.com) is a leading
international supplier of sophisticated automated manufacturing systems for
sign making, specialty graphics and packaging, apparel and flexible materials,
and ophthalmic lens processing. Headquartered in South Windsor, Connecticut,
the company operates through four businesses: Gerber Scientific Products and
Spandex Ltd., Gerber Technology, and Gerber Coburn.
This news release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. The forward-looking statements contained in
this news release involve risks and uncertainties regarding the Company's
expected financial condition, results of operations and cash flows. For
information identifying other important economic, political, regulatory,
legal, technological, competitive and other uncertainties, readers are
referred to the Company's filings with the Securities and Exchange Commission,
including but not limited to, the information included in Gerber Scientific's
Annual Report on Form 10-K for the fiscal year ended April 30, 2008, which
outlines certain important risks regarding the Company's forward-looking
statements, as well as information included in subsequently filed Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Actual future results
or events may differ materially from these forward-looking statements. The
forward-looking statements contained in this release are made as of the date
of this release and the Company expressly disclaims any obligation to update
any of these forward-looking statements, except as required by law.
For further information:
For further information: Mike Elia, Gerber Scientific, Inc.,
+1-860-644-1551 Web Site: http://www.gerberscientific.com