WATERLOO, ON, June 27 /CNW/ - Virtek Vision International Inc. (TSX: VRK)
("Virtek") today announced that its Board of Directors advises shareholders to
take no action in response to an unsolicited takeover bid made by StockerYale,
Inc. ("StockerYale") (NASDAQ: STKR) for all of the outstanding common shares of
Virtek at a price of $0.65 per share. The Board of Directors has appointed a
Special Committee of independent directors to evaluate the unsolicited bid.
The Special Committee will consider alternatives and make recommendations to
the Board. It will have oversight of the process of reviewing and responding
to the unsolicited bid.
Until the Board provides a formal response to the unsolicited bid,
shareholders are advised to take no action.
Shareholders may call toll-free the information agent, Kingsdale
Shareholder Services Inc., at 1-866-581-1571.
About Virtek Vision International Inc.
Virtek Vision International Inc. is a leading provider of high value
industrial laser solutions focused on the needs of the global manufacturing
sector, providing templating, inspection, marking and engraving products.
Virtek serves customers in the prefabricated construction, transportation,
metalworking, tool and die and mold making industries worldwide. Virtek is a
full service provider, with services including manufacturing, development,
integration, training, after sales support and installation. The Company
delivers high value to its customers, including feature-rich systems with a
quick payback, productivity enhancements and total turnkey solutions. The
majority of Virtek's sales are in the United States and Europe. Virtek
maintains offices in Waterloo, Ontario, Canada; Boston, Massachusetts, United
States; Ludenscheid and Nurnberg, Germany; and Busto Arsizio, Italy. Please
visit www.virtek.ca for more information.
Except for historical information provided herein, this press release may
contain information and statements of a forward-looking nature concerning the
future performance of the Company. These statements include statements as to
the possibility of a bid for the Company's shares by StockerYale Inc. and the
value of the Company and are based on suppositions and uncertainties as well
as on management's best possible evaluation of future events. Such factors may
include, without excluding other considerations, fluctuations in quarterly
results, evolution in customer demand for the Company's products and services,
the impact of price pressures exerted by competitors, and general market
trends or economic changes. As a result, readers are advised that actual
results may differ from expected results.
For further information:
For further information: about Virtek Vision International Inc. please
visit www.virtek.ca or contact: Peter Monsberger, VP Finance and CFO, Tel:
(519) 746-7190, Fax: (519) 746-3383, e-mail: email@example.com;
Stephen Sorocky, President and CEO, Tel. (519) 746-7190, Fax. (519) 746-3383,
e-mail: firstname.lastname@example.org; Investor Relations Contact: Jo Mira
Clodman, Clodman Hecht Communications Inc., (416) 787-3773, e-mail: