QUEBEC CITY, May 11 /CNW Telbec/ - Fortsum Business Solutions Inc.
("Fortsum Business Solutions") (TSX Venture: FRT) announces that its
securityholders have approved 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., pursuant to which the Purchaser will
acquire all of the outstanding shares of Fortsum Business Solutions for $0.82
per share and all of the options to purchase shares of Fortsum Business
Solutions for a cash amount equal to $0.82 per option less the exercise price
in respect of such option.
The plan of arrangement was approved by 99,9 % of the votes cast by
securityholders at the special meeting of securityholders of Fortsum Business
Solutions held earlier today.
The plan of arrangement remains subject to the approval of the Superior
Court of Québec. The hearing in respect of the final order approving the plan
of arrangement is scheduled to take place on May 19, 2009.
Subject to obtaining Court approval, the transactions contemplated by the
plan of arrangement are scheduled to close on May 21, 2009. Cheques will be
mailed by the depositary to the holders of options no later than three
business days following the closing date and to shareholders on the three
business days following either the closing date or the date when all required
documentation is received by the depositary.
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. The completion of the
transactions contemplated by the plan of arrangement is subject to certain
conditions, including the approval of the Superior Court of Québec. 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, firstname.lastname@example.org; Dany Beaudet, Corporate
Communications Coordinator, (418) 877-5051, ext. 2272, 1-888-268-0088, F:
(418) 877-9994, email@example.com