MONTREAL, Aug. 7 /CNW Telbec/ - BUS Systems Inc. ("BUS" or the
"Corporation") (TSX-V: BUS), announces that it proceeded, as of the present
date, with the signature of an asset purchase agreement with Carrus
Technologies Inc. (the "Buyer"), a wholly-owned subsidiary of Mediagrif
Interactive Technologies Inc., regarding the sale of all its assets held or
used in the conduct of its business.
The assets sold include all of the assets, property, rights, intellectual
property rights, licensed intellectual property rights, licenses, contracts
(including customer contracts), sub-contracts, agreements, leases,
commitments, sales and purchase orders and other instruments, arrangements or
understandings of any kind, that relate to the Corporation's business, of
every kind and description, wherever located, real, personal or mixed,
tangible or intangible, owned by the Corporation and held or used in the
conduct of the Corporation's business, but shall exclude the accounts
receivable, the lease regarding the offices of the Corporation, two (2)
supplier agreements and any debts or other liabilities, including any
obligations for taxes with respect to all periods prior to the closing of the
Sale Transaction, other than a certain liability in the amount of
approximately $60,000 pertaining to a certain software referred to as "Madam".
In consideration for the sale of said assets, the Buyers shall pay the
Corporation an amount of $520,000 at the closing date of said sale
The conclusion of this transaction is subject to certain conditions,
being mainly the receipt by the Corporation of the approval of its
shareholders during the Special Meeting of shareholders of the Corporation to
be held next August 29, 2008.
If the sale transaction is approved during the Special Meeting of
shareholders of the Corporation, it is expected that the sale transaction will
be completed in the days following such meeting.
Following this transaction, the Corporation shall not exploit a business
and its assets shall mainly be composed of a cash balance of $520,000.
Consequently, it is expected that the Corporation will no longer meet the
minimum listing requirements of the TSX; therefore, the listing of the
Corporation's shares could be transferred to the NEX Tier of the TSX.
BUS operates an interactive, transactional internet portal for the
management, processing and follow-up of insurance claims, including management
of relations and the exchange of information between the participants.
The Company's mission is to offer an evolving, integrated electronic
solution that allows those involved in the claims sector or automotive events
industry to come together to exchange information, perform all of the
transactions required within the framework of their respective activities and
continuously improve the efficiency of claims processing.
For additional information on BUS, please consult the Company's website
This press release contains "Forward-Looking Statements" pursuant to the
securities legislation which are based on certain estimates and expectations.
Statements which are not based on historical fact, in particular statements on
management's views and expectations, are Forward-Looking Statements. These
statements are subject to certain risks and uncertainties and the actual
results could differ materially from those presented. The Company is under no
obligation to update any Forward-Looking Statement to take into account any
new information, future event or any other factor.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: Michel Maheux, President and Chief Executive
Officer, BUS Systems Inc., (514) 386-3018, firstname.lastname@example.org; François
Kalos, SOLAK Communications, (450) 993-0828, email@example.com