VANCOUVER, Sept. 30 /CNW/ - E-xact Transactions Ltd. ("E-xact") is pleased to announce that it has today, signed a Merger Agreement first announced on June 28, 2010 (the "Merger"). The Merger will be between E-xact and a private US company owned by two directors of E-xact, Brian Archer and Peter Fahlman. The Merger is a "going private transaction" which will require Exchange acceptance and result in the delisting of the Company from the Exchange.
A meeting of the E-xact Stockholders has been scheduled for December 1, 2010 to approve the Merger. Stockholders will be sent a special meeting circular providing the details of the proposed Merger, which includes, among other things, the text of the Merger Agreement and an independent Fairness Opinion. If the Merger is approved, a Stockholder can choose to receive for each E-xact Share:
1. Either CDN $.40 per share with an immediate cash payment of $.15 per share plus a vendor take back note in the principal amount of CND $0.25 per share in cash payable over five years with interest at 8% per annum, in equal blended consecutive annual payments, subject to the right of prepayment at any time without notice or bonus; or
2. A stockholder can elect to receive an immediate cash payment of CDN $0.28 per share.
Those stockholders who make no election will be paid CDN $0.28 per share.
"Peter Fahlman"
(signed)
The statements which are not historical facts contained in this release are forward -looking statements that involve risks and uncertainties. E-xact Transactions Ltd.'s actual results could differ materially from those expressed or implied by such forward-looking statement. Factors that could cause or contribute to such differences include but are not limited to competition, general economic conditions, currency fluctuations and other risks detailed in the Company's filings with the Canadian securities regulatory authorities. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: For further information: Peter Fahlman, CEO, President, E-xact Transactions Ltd., Email: [email protected], Phone: 604.691.1670 ext.110
Share this article