CARLSBAD, CA, Jan. 20, 2014 /CNW/ - Pivot Technology Solutions, Inc. ("Pivot" or the "Company") (TSXV: PTG) today announced that further to its press release of December 20, 2013, the Board of Directors has decided that the Company will postpone formalization of its exchange offer to holders of Series A preferred shares on terms previously announced.
Pivot believes that the current offer does not carry sufficient support to commence with the formal process. The Company does not currently intend to initiate the conversion of the Series A Preferred Shares into common shares in the absence of the launch of some form of exchange offer or other change to its preferred share structure. The Company will update investors if a decision is made to propose changes to its preferred share structure or to initiate the conversion of Series A Preferred Shares into common shares.
About Pivot Technology Solutions, Inc.
Together with its portfolio companies and partners, Pivot delivers solutions that enable organizations to design, build, implement and maintain computing and communication infrastructure that addresses their unique business needs. Pivot's approach supports improvement of business performance, helps organizations reduce capital and operating expenses, and accelerates the delivery of new products and services to end-customers. With over 2,000 clients, many of whom are Fortune 1000 companies, Pivot extends its value added solutions to help organizations of all sizes improve operating efficiency, reduce complexity and enhance service delivery through virtualization and cloud computing. Pivot enables businesses to extend their enterprise through mobility solutions to better connect business partners and customers. Pivot has offices throughout North America and can be found online at www.pivotts.com.
Forward Looking Statement
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements in this news release include statements regarding possible changes to its preferred share structure, the fact that the Company does not currently intend to initiate the conversion of its Series A Preferred Shares, and the assumptions underlying such statements. These forward-looking statements are based on assumptions and analyses made by Pivot in light of its experience and its perception of the level of acceptance of possible changes to its preferred share structure, as well as other factors Pivot believes are appropriate under the relevant circumstances. However, whether any such changes are proposed in future is subject to any number of risks, assumptions and uncertainties. Many factors could cause Pivot not to proceed to propose any change to its current preferred share structure. These factors include, without limitation, the risk that Pivot will decide that any change to its capital structure is unlikely to gain sufficient acceptance from holders of Series A Preferred Shares and the risk that the Company's current intentions with respect to not initiating the conversion of Series A Preferred Shares may change The "forward-looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Pivot Technology Solutions, Inc.
For further information:
Pivot Technology Solutions, Inc.
Tel: 647 788 2034
Tel: 416 815 0700