WATERLOO, ON, June 18 /CNW/ - The Board of Directors of Virtek Vision
International Inc. (TSX: VRK) ("Virtek" or "Company") today affirmed that it
continues to believe that the recently announced proposals by StockerYale,
Inc. (NASDAQ: STKR) ("StockerYale') to acquire Virtek do not represent fair
value to Virtek's shareholders, considering the inherent value of Virtek's
In a June 16, 2008 news release, StockerYale announced that it proposed
to acquire all outstanding shares of Virtek for consideration StockerYale
valued at Cdn.$0.70 per share consisting of a combination of cash and
StockerYale shares, if it was able to reach agreement with Virtek's Board of
Directors. In the absence of reaching such an agreement, StockerYale announced
that it intends to proceed by way of a takeover bid, for Cdn.$0.65 per share
in cash. Virtek's net cash position was Cdn.$7.7 million or $0.23 per share on
April 30, 2008.
To date no offer has been made by StockerYale for Virtek's shares and
Virtek has not received any further communications from StockerYale on its
Previously, on May 16, 2008, Virtek received an unsolicited letter from
StockerYale expressing an interest in the possible acquisition of Virtek for
aggregate consideration of approximately $22 million, or $0.65 per share,
payable in cash and common stock of StockerYale.
Virtek's Board of Directors responded on June 9, 2008, by announcing that
it would not pursue the possible sale of Virtek to StockerYale. The
announcement followed a review by the Board that encompassed an analysis of
the structure and material terms and conditions proposed by StockerYale, the
proposed purchase financing arrangements, the stock price history and
financial condition of StockerYale, and comparison with comparable
transactions and public company valuations.
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 more information about Virtek Vision International Inc. please visit
For further information:
For further information: 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: