LAVAL, QC, Aug. 9, 2012 /CNW Telbec/ - 20-20 Technologies Inc. ("20-20") (TSX: TWT) announced today that it filed its management information circular with Canadian securities commissions in anticipation for its special shareholders meeting to be held at 9:00 a.m. (Montreal time) on Wednesday, September 5, 2012, at La Tour de la Bourse, l'Auditorium de la Bourse, 4th floor, 800 Victoria Square, Montreal, Québec, H4Z 1A9 (the "Meeting"). The circular has been filed on SEDAR at www.sedar.com.
The Board of Directors of 20-20, acting on the unanimous recommendation of a Special Committee comprised solely of independent directors, has unanimously approved the transaction and recommends that 20-20's shareholders vote FOR the special resolution approving the acquisition of all of 20-20's issued and outstanding shares by 9266-7674 Québec Inc., an affiliate of Vector Capital Corporation, in accordance with the definitive agreement entered into on July 30, 2012 (the "Arrangement").
20-20's shareholders of record as of 5:00 p.m. (Montreal time) on July 31, 2012, will be entitled to receive notice of, and vote at, the Meeting. The information circular, which shareholders are expected to receive in the coming days, provides important information on the Arrangement and related matters, including voting procedures, and the Board of Directors of 20-20 encourages shareholders to review the information circular in its entirety.
On August 7, 2012, the Superior Court of Québec granted an interim order providing for the calling and holding of the Meeting and certain other matters related to the Meeting and the Arrangement. A copy of the interim order is included in the information circular.
Completion of the Arrangement remains subject to certain conditions, including the approval of the shareholders at the Meeting and the final approval of the Superior Court of Québec. If all necessary approvals are obtained and the conditions to the completion of the Arrangement are satisfied or waived, 20-20 anticipates that the Arrangement will become effective on or about September 7, 2012.
20-20 shareholders with questions about the Arrangement or submitting proxies are encouraged to contact 20-20's depositary, Computershare Investor Services Inc., toll-free, at 1-800-564-6253.
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.
ABOUT VECTOR CAPITAL
With over US$2 billion of capital, Vector Capital is a leading global private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Vector identifies and pursues these complex investments in both the private and public markets. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of these businesses and enhance their value for employees, customers and shareholders. Among Vector's notable investments are Aladdin Knowledge Systems, Cambium Networks, Certara, Corel, Gerber Scientific, LANDesk, Precise Software, Printronix, RAE Systems, Register.com, SafeNet, Savi Technology, Technicolor, Tidel Engineering, Trafficmaster, WatchGuard Technologies, and WinZip. For more information, please visit www.vectorcapital.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 protected]
Aalok Jain, Vice President
(415) 293-5000 [email protected]