29,369,010 Common Shares of Virtek Tendered, Representing Approximately
88% of the Common Shares
Offer Period Extended to November 3, 2008
SOUTH WINDSOR, Conn., Oct. 21 /PRNewswire-FirstCall/ -- Gerber
Scientific, Inc. (NYSE: GRB) announced today that its wholly owned Canadian
subsidiary Gerber Scientific International Ltd., who assumed the rights and
responsibilities of Gerber Scientific Canada Inc. in connection with the
offer, has taken up 29,369,010 common shares of Virtek Vision International
Inc. (TSX: VRK) under the offer to acquire all of the common shares of Virtek
at a price of C$1.05 cash per common share. The common shares that have been
taken up under the offer represent approximately 88 percent of the outstanding
common shares of Virtek.
Gerber has extended the period for acceptance of its offer by
shareholders of Virtek that have not yet done so until 5:00 p.m. (Toronto
time) on November 3, 2008. As described in the original offer, Gerber will
seek to complete a compulsory acquisition or subsequent acquisition
transaction as soon as practicable. Following the completion of such a
transaction, Gerber intends to apply to de-list the common shares of Virtek
from the TSX and to cause Virtek to cease to be a reporting issuer.
Full details of the offer are contained in the notice of extension, and
take-over bid circular of Gerber and related materials, copies of which are
available on SEDAR at www.sedar.com. Gerber expects to mail a formal notice of
extension of its offer, all of the conditions of which have been satisfied or
waived, to all Virtek shareholders as soon as possible.
Inquiries concerning the Offer should be directed to Gerber's information
agent: Kingsdale Shareholder Services Inc., toll free at 1-800-775-1986.
Virtek, based in Waterloo, Ontario, Canada is a leading provider of high
value industrial laser solutions serving the needs of the global manufacturing
sector by providing templating, inspection, marking and engraving products.
Virtek serves customers in the aerospace, prefabricated construction,
transportation, metalworking, tool and die and mold making industries
worldwide. Gerber and Virtek have common customers in these industries. The
majority of Virtek's sales are in North America and Europe.
In its last fiscal year, Virtek recorded annual revenues of slightly over
C$53 million, and Gerber expects that this transaction will be accretive to
its consolidated operating results in the current fiscal year, which began on
May 1, 2008. This week the two companies will begin working together in order
to ensure a smooth transition and immediate value for customers, partners and
Marc T. Giles, President and CEO of Gerber Scientific, Inc., stated: "The
acquisition of Virtek further supports our commitment to provide our customers
with the greatest range of applications solutions. The product offering from
Virtek provides numerous opportunities for corporate growth through existing
product solutions and the development of innovative technologies for all the
industries we serve. We look forward to the valued contribution of all Virtek
employees to the Gerber organization."
About Gerber Scientific, Inc.
Gerber Scientific, Inc. (http://www.gerberscientific.com) is a leading
international supplier of sophisticated automated manufacturing systems for
sign making, specialty graphics and packaging, apparel and flexible materials,
and ophthalmic lens processing. Headquartered in South Windsor, Connecticut,
the company operates through four businesses: Gerber Scientific Products and
Spandex Ltd., Gerber Technology, and Gerber Coburn.
This news release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. The forward-looking statements contained in
this news release involve risks and uncertainties regarding the Company's
expected financial condition, results of operations and cash flows. For
information identifying other important economic, political, regulatory,
legal, technological, competitive and other uncertainties, readers are
referred to the Company's filings with the Securities and Exchange Commission,
including but not limited to, the information included in Gerber Scientific's
Annual Report on Form 10-K for the fiscal year ended April 30, 2008, which
outlines certain important risks regarding the Company's forward-looking
statements, as well as information included in subsequently filed Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Actual future results
or events may differ materially from these forward-looking statements. The
forward-looking statements contained in this release are made as of the date
of this release and the Company expressly disclaims any obligation to update
any of these forward-looking statements, except as required by law.
For further information:
For further information: Mike Elia, +1-860-644-1551 Web Site: