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, 2012.
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 protected]