QUEBEC CITY, May 20 /CNW Telbec/ - Fortsum Business Solutions Inc.
("Fortsum Business Solutions") (TSX Venture: FRT) announces that the Superior
Court of Quebec has issued a final order approving the plan of arrangement
relating to the acquisition of Fortsum Business Solutions by GFI Solutions
Group Inc. ("GFI"), which was approved by 99.9% of the votes cast by
securityholders of Fortsum Business Solutions at its meeting held on May 11.
Closing of the transactions contemplated by the plan of arrangement is
expected to occur on May 21, 2009. Fortsum Business Solutions will then
amalgamate with a wholly-owned subsidiary of GFI, and the amalgamated entity
will be a wholly-owned subsidiary of GFI. Current shareholders of Fortsum
Business Solutions will receive $0.82 in cash per share and the holders of
options granted under the stock option plan will receive a cash amount equal
to $0.82 per option less the exercise price in respect of such option. It
should be noted that cheques will be mailed by the depositary to the option
holders 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 of receipt of all required documentation.
André Thompson, outgoing Chairman and Chief Executive Officer, states:
"The members of the Board of Directors and myself will leave soon with the
satisfaction of having completed a transaction deemed favourable by the vast
majority of our shareholders. I wish to thank very sincerely all the internal
and external participants who have contributed to the success of this
transaction. Fortsum Business Solutions now enters a new phase of its
development full of promises for its clients, employees and business partners.
I wish continued success to Fortsum Business Solutions and all its
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
GFI Solutions Group Inc. ("GFI") is a leader in consulting and
development of IT solutions and is ranked among Top 25 Canadian IT
professional services companies. In addition to providing consulting services,
GFI designs, develops, integrates, implements and manages IT systems and
business software solutions for small, medium and large organizations from
various industry sectors.
With over 750 employees and headquarters located in Montreal, GFI has
developed three centres of excellence in the areas of transactional systems,
back-office applications for the banking industry and ERP solutions. For the
past five years, GFI has been pursuing an active growth strategy through
targeted acquisitions including most recently, Bell Business Solutions,
Accovia and Imagina Technology Solutions. GFI is an affiliate of the
multinational group, GFI Informatique. For more information, please visit
GFI's website at: www.gfisolutions.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. 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)