NEW YORK, May 24, 2016 /CNW/ - Crescendo Advisors II LLC ("Crescendo") announced that on May 20, 2016, Crescendo Partners II LP, Series R2 and Crescendo Partners III LP, two funds that it manages (collectively, "Crescendo"), acquired 200,000 common shares (the "Acquired Shares") of BSM Technologies Inc. ("BSM") (TSX:GPS), representing approximately 0.24% of the outstanding common shares of BSM. The Acquired Shares were acquired through the facilities of the Toronto Stock Exchange at a price of $1.02 per common share, for an aggregate consideration paid of $204,000.
Prior to the acquisition of the Acquired Shares, Crescendo held an aggregate amount of 7,713,997 common shares of BSM, representing approximately 9.29% of BSM's issued and outstanding common shares. As a result of the acquisition of the Acquired Shares, Crescendo holds an aggregate amount of 7,913,997 common shares of BSM, representing approximately 9.53% of the issued and outstanding common shares of BSM and, together with joint actor Jamarant Capital, L.P. ("Jamarant"), an aggregate amount of 8,342,100 common shares of BSM, representing approximately 10.05% of the issued and outstanding common shares of BSM.
The Acquired Shares were acquired for investment purposes because Crescendo and Jamarant believed that the Acquired Shares were undervalued and represented an attractive investment opportunity. Crescendo and Jamarant may, depending on market and other conditions, acquire additional common shares of BSM or dispose of some or all of their existing or additional common shares of BSM, whether in the open market, by privately negotiated agreements, or otherwise. Crescendo and Jamarant currently intend to engage in discussions with management and the board of directors of BSM concerning the business, operations or future plans of BSM and will seek representation on BSM's board of directors. Crescendo and Jamarant also intend to engage in discussions with other shareholders and stakeholders concerning the business, operations or future plans of BSM and the composition of BSM's board of directors.
The head office of BSM is located at 75 International Boulevard, Suite 100, Toronto, Ontario, M9W 6L9.
A copy of the early warning report required to be filed under applicable Canadian securities laws will appear with BSM's documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
For further information or to obtain a copy of the related early warning report, please contact:
Crescendo Advisors II LLC,
777 3rd Avenue, Floor 37
New York, New York, 10017
United States of America
Contact: Eric Rosenfeld, President and CEO, (212) 319-7676
SOURCE Crescendo Advisors II LLC