Virtek Responds to Jaguar's Intention to Tender to the Gerber Offer



    WATERLOO, ON, Oct. 14 /CNW/ - Virtek Vision International Inc. (TSX:VRK)
("Virtek") responded today to Jaguar Financial Corporation's ("Jaguar")
announcement that it no longer plans to make a takeover bid for Virtek and
will tender its shares to the firm offer for Virtek from Gerber Scientific
Canada Inc., a subsidiary of Gerber Scientific Inc. (collectively "Gerber").
    Virtek's Board of Directors 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. Virtek's Board further believes
that the fully financed Gerber Offer remains in the best interests of Virtek,
is fair to its shareholders and has a high probability of completion.
    Jaguar issued a news release on October 9, 2008, stating that it will
tender its shares to the Gerber Offer and no longer intends make a competing,
unsolicited bid for all of Virtek's shares, as contemplated in its news
release of September 15, 2008. This news release also said that Jaguar did not
have the opportunity to conduct due diligence, due to the standstill
provisions of a nondisclosure agreement provided by Virtek to Jaguar. However,
on September 18, 2008 Virtek's Board of Directors invited Jaguar to conduct
due diligence of Virtek's non-public information, following Jaguar's formal
request for access to this information and a list of Virtek's shareholders.
Virtek's September 24, 2008 news release said the start of due diligence was
subject to Jaguar's execution of a standard nondisclosure agreement on terms
similar to the one signed by Gerber. With Gerber's consent, Virtek made
several changes requested by Jaguar to the proposed nondisclosure agreement,
including amending the standstill provision so that Jaguar could proceed with
a takeover bid. Jaguar then said it would respond in due course but did not
communicate further with Virtek regarding either the nondisclosure agreement
or the start of due diligence.
    Enquiries concerning the Gerber Offer should be directed to Gerber's
information agent Kingsdale Shareholder Services Inc., toll free at
1-800-775-1986.

    About Virtek

    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.

    Forward-looking Statements

    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
results.

    %SEDAR: 00006230E




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: peter.monsberger@virtek.ca;
Stephen Sorocky, President and CEO, Tel. (519) 746-7190, Fax. (519) 746-3383,
e-mail: stephen.sorocky@virtek.ca; Investor Relations Contact: Jo Mira
Clodman, Clodman Hecht Communications Inc., (416) 787-3773, e-mail:
jomira@clodmanhecht.com

Organization Profile

VIRTEK VISION INTERNATIONAL INC.

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