LAVAL, QC, Sept. 4, 2012 /CNW Telbec/ - 20-20 Technologies Inc. ("20-20") (TSX: TWT) announced today that, in connection with the proposed
acquisition of all of its issued and outstanding common shares by an
affiliate of Vector Capital Corporation ("Vector") pursuant to a plan of arrangement under the Business Corporations Act
(Québec) (the "Arrangement"), its Board of Directors authorized the
implementation of certain minor technical amendments to the plan of
arrangement to be considered and voted upon by 20-20's shareholders at
the meeting scheduled to be held this coming Wednesday, September 5,
The Board of Directors of 20-20 has decided to amend the plan of
arrangement in accordance with its terms (1) to give effect to a
proposed statutory amalgamation of 20-20 and Vector following the
transfer of all of the shares of 20-20 to Vector and (2) to clarify the
treatment of the roll-over shares to be transferred to Vector by
Mignault Holding Inc. pursuant to the Arrangement, given that no other
shareholders availed themselves of the "holdco alternative" described
in the arrangement agreement. These proposed amendments will not have
any effect on the shareholders of 20-20, other than Mignault Holding
Inc., or on the consideration that such shareholders are entitled to
receive in exchange for their common shares of 20-20.
The text of the amended and restated plan of arrangement will be filed
on SEDAR (www.sedar.com) in due course following the consummation of the arrangement.
ABOUT 20-20 TECHNOLOGIES INC.
20-20 Technologies is the world's leading provider of computer-aided
design, business and manufacturing software tailored for the interior
design and furniture industries. Dealers and retailers use our desktop
and Web-based products for the home and office markets. 20-20 offers a
unique end-to-end solution, integrating the entire breadth of functions
in interior design. It provides a bridge for data communication from
the point-of sale to manufacturing, including computer-aided
engineering and plant floor automation software. Operating in eleven
countries with more than 500 employees and an extensive network of
partners worldwide, 20-20 is a publicly traded company (TWT) on the
Toronto Stock Exchange (TSX). For more information, visit www.2020technologies.com.
Certain statements made in this release, including those concerning the
expected closing of the transaction referred to herein, are
forward-looking statements that involve risks and uncertainties, which
may prevent expected future results from being achieved. For those
statements, 20-20 Technologies claims the protection of the safe
harbour for forward-looking statements contained in Canadian securities
laws. 20-20 Technologies cautions that actual future performance could
be affected by a number of factors, including the fact that the
expected closing of the transaction referred to in this release is
subject to customary closing conditions, many of which are beyond the
Corporation's control, and termination rights available to the parties
under the Arrangement Agreement. Therefore, future events and results
may vary substantially from what 20-20 Technologies currently foresees.
Additional information identifying risks and uncertainties is contained
in the Corporation's filings under applicable securities laws,
available at www.sedar.com.
SOURCE: 20-20 TECHNOLOGIES INC.
For further information:
Jean-François Grou, Chief Executive Officer
(514) 332-4112 email@example.com