VANCOUVER, Oct. 8 /CNW/ - Triant Holdings Inc. (TSX:TNT, "Triant")
announced today that it has completed the sale of substantially all of its
assets (consisting of its Fault Detection & Classification business) to PDF
Solutions, Inc. (NASDAQ: PDFS), a U.S. Corporation.
The gross value of the transaction to Triant is approximately U.S.
$1,750,000, paid in cash, subject to a holdback of U.S. $374,000 for release
from escrow after completion of an indemnification period as provided for in
the formal Asset Purchase Agreement.
The Directors of the Company intend to satisfy the outstanding
liabilities and obligations of Triant and its subsidiaries from the closing
proceeds and to declare a liquidating distribution to shareholders, subsequent
to which the Company will be dissolved. Management of the Company currently
estimates that the liquidating distribution will be approximately $0.21 per
common share after deducting from the gross transaction value the estimated
costs of the transaction, wind-up costs and other amounts required to satisfy
all of the outstanding liabilities and other obligations of the Company; but
prior to the deduction of such further reserves as the Directors may establish
for unexpected expenses, liabilities and obligations. The actual amount of the
liquidating distribution will depend on the actual amount of the Company's
expenses, liabilities and obligations as finally determined in the course of
liquidating the Company and its subsidiaries and upon the reserves established
for further or unanticipated liabilities and obligations. To the extent that
the Company's expenses, liabilities and obligations are different from
estimates, or if any unforeseen obligations arise, the actual amount
distributed to Shareholders may be lower, and possibly substantially lower,
than the estimates.
About PDF Solutions, Inc.
Information about PDF is available via the Internet at www.pdf.com.
Information about Triant is available via the Internet at www.triant.com.
This news release contains forward-looking statements about Triant and
its business. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by the words
"expects," "anticipates," "believes," "intends," "estimates," "projects" and
similar expressions, or that events or conditions "would," "may," "could" or
"should" occur. Forward-looking statements are based on the beliefs, opinions
and expectations of Triant's Management at the time they are made, and Triant
does not assume any obligation to update its forward-looking statements if
those beliefs, opinions or expectations, or other circumstances, should
change. Readers should not place undue reliance on forward-looking statements.
The forward-looking statements in this news release are subject to various
risks, uncertainties and other factors that could cause Triant's actual
results or achievements, including the outcome of any business process, to
differ materially from those expressed in or implied by forward-looking
statements. These risks, uncertainties and other factors include, without
limitation: the alternatives available to the Company for maintaining
liquidity in a secondary market after its delisting from the TSX scheduled for
October 16, 2008; the actual amount of the U.S.$374,000 holdback that will be
released to the Company from escrow after completion of an indemnification
period as provided for in the formal Asset Purchase Agreement; and the actual
amount of the liquidating distribution to shareholders of the Company, which
will depend on the actual amount of the Company's expenses, liabilities and
obligations as finally determined in the course of liquidating the Company and
its subsidiaries and upon the reserves established for further or
unanticipated liabilities and obligations.
For further information:
For further information: Robert Heath, President & CEO, Mark Stephens,
CFO Triant Holdings Inc., (604) 697-5090, email@example.com