TORONTO, Aug. 5 /CNW/ - Royal Capital Management Corp. (the
"Corporation") has agreed to acquire 3,529,412 common shares in the capital of
Virtek Vision International Inc. ("Virtek") at a price of $0.85 per share. The
acquisition is expected to be completed on or about September 12, 2008 and is
conditional on Virtek obtaining shareholder and any necessary regulatory
approvals and completing its recently announced disposition of its imaging and
templating division. In connection with the proposed acquisition, the
Corporation has agreed (i) not to tender any of the Virtek shares it currently
holds to the outstanding StockerYale Waterloo Acquisition, Inc. take-over bid
offer unless, such offer provides consideration of at least $0.90 per share,
(ii) not to tender any of the shares to be acquired in the private placement
to Virtek's recently announced substantial issuer bid and (iii) not to vote
any of its shares of Virtek against the matters to be proposed at the
forthcoming meeting of Virtek shareholders.
If the above described acquisition of Virtek shares is completed, the
Corporation will own 5,070,412 common shares of Virtek, representing
approximately 13.9% of the issued and outstanding common shares of Virtek
(without giving effect to the substantial issuer bid).
The Corporation has agreed to acquire the securities for investment
purposes only and may, depending on market and other conditions, increase or
decrease its beneficial ownership, control or direction over common shares or
other securities of Virtek through market transactions, private agreements or
Royal Capital Management Corp. may from time to time increase or decrease
its beneficial ownership, control or direction over the securities of Virtek.
Royal Capital Management Corp. is a private Canadian corporation, which
actively invests in Canadian securities.
For further information:
For further information: Stephen Rider at Royal Capital Management
Corp., 504-4100 Yonge St., Toronto, Ontario, M2P 2G2 or at (416) 226-9921 or