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 protected]