MONTREAL, June 16, 2011 /CNW Telbec/ - iWeb Group Inc. (TSXV: IWB) ("iWeb"), a global provider of Internet hosting services and IT
infrastructure, announces today the completion of its
previously-announced amalgamation (the "Amalgamation") under a merger agreement with 7807201 Canada Inc. and 7807210 Canada
Inc., two corporations controlled directly or indirectly by Novacap
Technologies III, L.P., Caisse de dépôt et placement du Québec and an
investment vehicle affiliated with Bank Street Capital Partners and
certain of their affiliates.
iWeb's common shares are being delisted from the TSX Venture Exchange.
Pursuant to the Amalgamation, each Shareholder received one redeemable
preferred share of the amalgamated company for each Share held
immediately prior to the Amalgamation. Each such redeemable share will
be redeemed immediately upon the Amalgamation for a cash consideration
The amalgamated corporation will continue under the name iWeb Group Inc.
For more information on the Amalgamation, see iWeb's news releases of
March 4 and May 3, 2011.
iWeb provides Internet hosting services and IT infrastructure to nearly
24,000 customers in 150 countries. With its four data centers, iWeb's
total capacity has reached 34,000 dedicated servers, over
1,100 co-location cabinets and 77 Gigabits per second (Gbps) of
Internet connectivity, from 9 separate providers.
One of Canada's 100 fastest growing companies according to PROFIT
Magazine, iWeb now generates more than 60% of its revenues, which
reached US$29 millions in 2010, from abroad. Founded in 1996 in
Montreal, iWeb shares are traded on the TSX Venture Exchange under the
With over $750 million in assets under management, Novacap is one of
Canada's leading private equity and venture capital firms. Since 1981,
its partnership strategy has helped over 50 companies accelerate growth
and maximize value. Novacap is one of North America's top private
equity firms, with first-quartile returns in North America. Further
information about Novacap is available at www.novacap.ca.
About Caisse de dépôt et placement du Québec
The Caisse de dépôt et placement du Québec is a financial institution
that manages funds primarily for public and private pension and
insurance plans. As at December 31, 2010, it held $151.7 billion in net
assets. As one of Canada's leading institutional fund managers, the
Caisse invests in major financial markets, private equity and real
About Bank Street Capital Partners
Bank Street Capital Partners is a private equity fund focused on growth
equity, acquisition finance, and special situations for small and
mid-size growth companies in the Communications, Media and Technology
sectors. Bank Street Capital Partners is led by a senior investment
team that has originated, structured, and executed more than 1,000
financial and strategic transactions during the course of their
careers. Bank Street Capital Partners leverages the extensive resources
of The Bank Street Group.
Except for historical information provided herein, this press release
contains "forward-looking statements" within the meaning of the
applicable securities legislation regarding the proposal to privatize
iWeb, including the statement regarding the terms of the transaction.
Therefore, readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of iWeb to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements in this press
release. These risks and uncertainties include, but are not limited to,
the payment of the amounts due to iWeb's shareholders under the
Amalgamation, and the risks associated with general economic
conditions. The forward-looking statements in this press release are
made as of the date of this press release and, except as required by
law, iWeb disclaims any obligation to update or revise publicly any
forward-looking statements, whether as a result of new information or
SOURCE IWEB GROUP INC.
For further information:
iWeb Group Inc.
(514) 286-4242 ext. 2335
Investor Relations / Media Relations