SOUTH WINDSOR, Conn., Oct. 20 /CNW/ -- Gerber Scientific, Inc. (NYSE:
GRB) ("Gerber") reminds shareholders of Virtek Vision International, Inc.
(TSX: VRK) ("Virtek") that Gerber's offer to acquire, through a wholly owned
Canadian subsidiary, all of the outstanding shares of Virtek for C$1.05 per
share in cash will expire at 5:00 p.m. on Tuesday, October 21, 2008.
The Board of Directors of Virtek unanimously supports the Gerber offer
and recommends to Virtek's shareholders that they accept it. Gerber's
take-over bid circular containing details of the transaction (including
details on how to tender shares to the offer) was mailed to Virtek's
shareholders on September 15, 2008, along with a directors' circular of
Virtek. The acquisition is fully financed and will be funded through Gerber's
existing $125 million line of credit.
Gerber's offer is subject to various conditions that must be satisfied
prior to take-up and payment by Gerber, including, but not limited to, the
valid deposit of not less than 66-2/3% of the outstanding common shares of
Virtek (on a fully diluted basis). Unless 66-2/3% of Virtek's common shares
(on a fully diluted basis) are tendered, Gerber's offer will expire and no
transaction with Gerber will occur.
On October 9, 2008, Jaguar Financial Corporation, which according to
public filings owns approximately 19.9% of Virtek's outstanding common shares,
announced that it would tender its shares to the Gerber offer and would not be
making its own offer for Virtek.
Enquiries concerning the Gerber offer should be directed to Gerber's
information agent Kingsdale Shareholder Services Inc., toll free at
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 for Gerber Scientific, Inc.,
+1-860-644-1551 Web Site: http://www.gerberscientific.com