CARLSBAD, CA, Dec. 20, 2013 /CNW/ - Pivot Technology Solutions, Inc. ("Pivot" or the "Company") (TSXV: PTG) today announced that further to its press release of November 21, 2013, the proposed exchange offer to holders of its Series A preferred shares will be delayed, with mailing of the circular now targeted for mid-January, 2014.
Warren Barnes, CEO of Pivot, stated, "Although we fully expected to initiate the process before Christmas, we were unable to complete all of the tasks and meetings as quickly as we had hoped. The holiday periods proved to be a challenge to our ambitious schedule, but we expect to be in a position to initiate the offer early in the New Year, with completion anticipated by the end of February."
Since the exchange offer was announced, holders representing 23 million Series A shares, or 25.9% of the amount of preferred shares outstanding, have provided notice of conversion into common shares. An aggregate of 65,718,880 Series A preferred shares are currently outstanding.
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 the exchange offer, proposed mailing and closing date and the assumptions underlying any of the foregoing. Pivot uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Pivot in light of its experience and its perception of historical trends, current conditions and expected future developments, including the assumption that TSXV approval will be obtained, that the circular relating to the exchange offer will be mailed by mid-January, 2014, as well as other factors Pivot believes are appropriate under the relevant circumstances. However, whether actual results and developments will conform to Pivot's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Pivot's actual results, to differ materially from those expressed or implied by the forward-looking statements contained in this news release. These factors include, without limitation: the risk that TSXV approval may not be obtained within the timeframe expected or that the number of Series A preferred shares not tendered to the exchange offer will exceed the number anticipated, resulting in the issuance of a greater number of common shares on conversion of Series A preferred shares than expected. 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