LAVAL, QC, Sept. 5, 2012 /CNW Telbec/ - 20-20 Technologies Inc. ("20-20") (TSX: TWT) announced today that its shareholders have approved the
previously announced acquisition of all of its issued and outstanding
common shares by an affiliate of Vector Capital Corporation ("Vector") at a price of $4.00 per common share pursuant to a plan of
arrangement under the Business Corporations Act (Québec) (the "QBCA") ("Arrangement") at the special meeting of shareholders of 20-20, held today in
Montréal. The Arrangement was approved by 93.6% of the votes cast by
holders of the 20-20 common shares (including 91.3% of the votes cast
by disinterested holders of 20-20 common shares).
The Arrangement is subject to final approval by the Superior Court of
Québec at a hearing which will take place on September 7, 2012, at the Montréal Courthouse, in Montréal, Québec at 9:15 a.m. (Montréal time). Closing of the
Arrangement is expected to occur on or about September 10, 2012, or as
soon as practicable thereafter.
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