LAVAL, QC, Sept. 13, 2012 /CNW Telbec/ - 20-20 Technologies Inc. ("20-20") (TSX: TWT) announced today the completion of the previously announced acquisition of all of the issued and outstanding common shares of 20-20 by an affiliate of Vector Capital Corporation ("Vector") pursuant to a plan of arrangement under the Business Corporations Act (Québec) (the "Arrangement"). On September 7, 2012, the Québec Superior Court had approved the Arrangement and declared that it was fair to shareholders of 20-20.
In accordance with the terms of the Arrangement, Jean Mignault, Founder and Chief of Strategic Direction of 20-20 obtained an equity interest of 9.9% in the acquiring company in exchange of approximately 20% of his interest in 20-20.
Vector has delivered to the depositary sufficient funds to enable the depositary to make the payments described in the Arrangement. In accordance with the Arrangement, payment will be effected to the 20-20 shareholders as soon as practicable. Shareholders who own 20-20 shares through an intermediary should contact such intermediary for details on receipt of payment for their shares.
With the completion of the Arrangement, the 20-20 common shares will cease to be listed for trading on the Toronto Stock Exchange.
ABOUT 20-20 TECHNOLOGIES INC.
20-20 Technologies is the world's leading provider of computer-aided design, business and manufacturing software tailored for the interior design and furniture industries. Dealers and retailers use our desktop and Web-based products for the home and office markets. 20-20 offers a unique end-to-end solution, integrating the entire breadth of functions in interior design. It provides a bridge for data communication from the point-of sale to manufacturing, including computer-aided engineering and plant floor automation software. 20-20 operates in eleven countries with more than 500 employees and an extensive network of partners worldwide. For more information, visit www.2020technologies.com.
SOURCE: 20-20 TECHNOLOGIES INC.
For further information:
Jean-François Grou, Chief Executive Officer
(514) 332-4112 [email protected]