TORONTO, Jan. 18 /CNW/ - Student Transportation of America Ltd. ("STA")
announced today that it has, through its wholly owned subsidiary 2154742
Ontario Limited, taken-up 5,413,489 common shares (the "Common Shares") and
7,539,346 Class A preference shares (the "Preference Shares") of Canadex
Resources Limited ("Canadex") pursuant to its offer dated December 10, 2007
(the "Offer") to acquire all of the Common Shares (including Common Shares
issuable upon exercise of options) and Preference Shares of Canadex for cash
consideration of $5.72 per Common Share and $1.00 per Preference Share, which
Offer expired at 5:00 p.m. (Toronto time) on January 17, 2008. The Common
Shares and Preference Shares that have been taken up under the Offer represent
approximately 93.2% of the outstanding Common Shares of Canadex and 100% of
the outstanding Preference Shares of Canadex.
STA intends to acquire the Common Shares and Preference Shares of Canadex
that were not tendered to the Offer by exercising its statutory right of
compulsory acquisition pursuant to the Business Corporations Act (Ontario).
STA intends to apply to de-list the Common Shares of Canadex from the TSX and
to cause Canadex to cease to be a reporting issuer.
Student Transportation of America Ltd. Profile
Student Transportation is the fourth-largest provider of school bus
transportation services in North America, conducting operations through local
operating subsidiaries. Student Transportation has become a leading school
transportation and management company by aggregating operations through the
consolidation of existing providers and conversion of in-house operations. The
company currently operates more than 5,000 school vehicles in North America.
For more information, please visit www.sta-ips.com.
This news release contains "forward-looking statements" within the
meaning of applicable securities laws, which reflects the expectations of
management regarding STA's results of operations, expense levels, cost of
capital, financial leverage, seasonality, cash flows, performance, liquidity,
borrowing availability, financial ratios, ability to execute the STA's growth
strategy and cash distributions. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may", "will",
"expect", "intend", "track", "targeted", "estimate", "anticipate", "believe",
"should", "plans" or "continue" or similar expressions suggesting future
outcomes or events. These forward looking statements reflect STA's current
expectations regarding anticipated future events, results, circumstances,
performance or expectations, which are not historical facts. Forward looking
statements involve significant risks and uncertainties, and should not be read
as guarantees of future performance or results, and will not necessarily be
accurate indications of whether or not or the times at which or by the
performance or results will be achieved. A number of factors could cause our
actual results to differ materially from the results discussed, expressed or
implied in any forward-looking statement made by us or on our behalf,
including, but not limited to the factors discussed under "Risk Factors" in
our Annual Information Form. These forward looking statements are made as of
the date of this news release and, except as required by applicable law, we
undertake no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.
For further information:
For further information: Denis J. Gallagher, Chairman and Chief
Executive Officer, Phone: (732) 280-4200, Fax: (732) 280-4213; Patrick J.
Walker, Chief Financial Officer, Phone (732) 280-4200, Fax: (732) 280-4213;
Keith P. Engelbert, Director of Investor Relations, Phone: (732) 280-4200,
Fax: (732) 280-4213, email@example.com