IVRNET INC. ANNOUNCES COMPLETION OF RESTRUCTURING TRANSACTION

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, AB, Dec. 1, 2023 /CNW/ - Ivrnet Inc. ("Ivrnet") announces that, pursuant to the terms of a previously announced support agreement and purchase agreement involving Ivrnet, and N. Harris Computer Corporation (the "Purchaser") (an arm's length party and a wholly owned subsidiary of Constellation Software Inc. (TSX: CSU)), Ivrnet completed a restructuring transaction whereby the Purchaser acquired Ivrnet, resulting in the Purchaser owning 100% of the issued and outstanding shares of Ivrnet (through the issuance of new shares) (the "Transaction").  

Prior to the completion of the Transaction, Ivrnet received approval of a proposal under the Bankruptcy and Insolvency Act (Canada) (the "BIA Proposal"), by the statutory requisite majorities of Ivrnet's unsecured creditors and by the Alberta Court of King's Bench.

As part of the Transaction, and pursuant to the terms of the purchase agreement and the BIA Proposal: (i) the entirety of the purchase price was paid to Ivrnet's creditors, and to cover certain professional fees in connection with the Transaction; and (ii) all of the issued and outstanding equity interests of Ivrnet outstanding immediately prior to the filing of the Articles of Reorganization on December 1, 2023 (as defined in the BIA Proposal) were cancelled, without consideration.

In anticipation of the closing of the Transaction, and pursuant to a voluntary delisting, on November 24, 2023, Ivrnet's shares ceased to be listed for trading on the TSX Venture Exchange.

Ivrnet has filed an application to cease to be a reporting issuer (or equivalent thereof) in British Columbia, Alberta, Saskatchewan and Ontario.

About Ivrnet
Ivrnet is a software and communications company that develops, hosts, sells and supports value–added business automation software. The company's products and services are delivered through the Internet and traditional phone network. These applications facilitate automated interaction through personalized communication between people, mass communication for disseminating information to thousands of people concurrently, and personalized communication between people and automated systems.

About N. Harris Computer Corporation
Harris acquires vertical market software businesses, manages them using industry best practices, and builds them for the future. Through acquisitions, Harris has grown extensively from its roots in the utilities, local government, education, and healthcare sectors to operate over 170 businesses globally across more than twenty industries. Harris is an operating group of Constellation Software Inc. (TSX: CSU), one of North America's most active acquirers of software businesses.

About Constellation Software Inc.
Constellation's common shares are listed on the Toronto Stock Exchange under the symbol "CSU". Constellation acquires, manages and builds vertical market software businesses.

SOURCE Ivrnet Inc.