WATERLOO, ON, Sept. 24 /CNW/ - Virtek Vision International Inc.
(TSX: VRK) ("Virtek") announced today that Jaguar Financial Corporation
("Jaguar") issued a news release on September 15, 2008, stating its intention
to make an unsolicited offer to purchase all of the issued and outstanding
common shares of Virtek at a price of $1.12 per share. On September 18, 2008
Virtek invited Jaguar to conduct due diligence of Virtek's non-public
information. The invitation followed a formal request by Jaguar to Virtek on
September 17, 2008 for a list of Virtek's shareholders and access to Virtek's
non-public information for the purpose of conducting due diligence.
To date, Jaguar has not accepted Virtek's invitation to conduct due
diligence and no offer has been made by Jaguar for Virtek's common shares.
Jaguar previously announced that it intended to commence a formal offer on or
about September 30, 2008. Virtek has no way of knowing if it will do so.
The support agreement dated September 2, 2008 currently in effect between
Virtek and Gerber Scientific Inc. ("Gerber Scientific") permits Virtek to
provide non-public information to any party that has made a proposal that
could reasonably be likely to constitute a Superior Proposal, as defined in
the support agreement. Virtek's Board of Directors determined on September 18,
2008 that Jaguar was such a party.
The start of due diligence is subject to execution by Jaguar of a
standard confidentiality agreement on terms similar to the one signed by
Gerber Scientific. With the consent of Gerber Scientific, Virtek made changes
to the proposed confidentiality agreement to reflect certain amendments
requested by Jaguar, including the ability to continue with its previously
announced takeover bid.
Virtek reiterates its support for the firm offer from Gerber Scientific
for all of Virtek's common shares at a price of $1.05 in cash per share (the
"Gerber Offer") and continues to unanimously recommend that shareholders
accept the Gerber Offer. The Virtek Board of Directors further believes that
the fully financed Gerber Offer remains in the best interests of Virtek, and
is fair to its shareholders. The Board of Directors of Virtek believes the
fully-financed Gerber Offer has a high probability of being completed.
Enquiries concerning the Gerber Offer should be directed to Gerber's
information agent Kingsdale Shareholder Services Inc., toll free at
About Virtek Vision International Inc.
Virtek Vision International Inc. is a leading provider of high value
industrial laser solutions focused on the needs of the global manufacturing
sector, providing templating, inspection, marking and engraving products.
Virtek serves customers in the prefabricated construction, transportation,
metalworking, tool and die and mold making industries worldwide. Virtek is a
full service provider, with services including manufacturing, development,
integration, training, after sales support and installation. The Company
delivers high value to its customers, including feature-rich systems with a
quick payback, productivity enhancements and total turnkey solutions. The
majority of Virtek's sales are in the United States and Europe. Virtek
maintains offices in Waterloo, Ontario, Canada; Boston, Massachusetts, United
States; Ludenscheid and Nurnberg, Germany; and Busto Arsizio, Italy. Please
visit www.virtek.ca for more information.
Except for historical information provided herein, this press release may
contain information and statements of a forward-looking nature concerning the
future performance of the Company. These statements are based on suppositions
and uncertainties as well as on management's best possible evaluation of
future events. Such factors may include, without excluding other
considerations, fluctuations in quarterly results, evolution in customer
demand for the Company's products and services, the impact of price pressures
exerted by competitors, and general market trends or economic changes. As a
result, readers are advised that actual results may differ from expected
For further information:
For further information: about Virtek Vision International Inc. please
visit www.virtek.ca or contact: Peter Monsberger, VP Finance and CFO, Tel:
(519) 746-7190, Fax: (519) 746-3383, e-mail: firstname.lastname@example.org;
Stephen J. Sorocky, President and CEO, Tel. (519) 746-7190, Fax. (519)
746-3383, e-mail: email@example.com; Investor Relations Contact: Jo
Mira Clodman, Clodman Hecht Communications Inc., (416) 787-3773, e-mail: