Pluribus Technologies Corp. Announces Strategic Review Process Intended to Maximize Shareholder Value
TORONTO, Nov. 29, 2023 /CNW/ - Pluribus Technologies Corp. ("Pluribus" or the "Company") (TSXV: PLRB) announced that its Board of Directors has formed a special committee of independent directors (the "Special Committee") to undertake (in consultation with the Company's financial, capital markets and legal advisors) a review and evaluation of strategic alternatives that may be available to the Company to further enhance the Company's growth, development and prosperity in the short and long terms with the goal of maximizing shareholder value. The Special Committee will be chaired by Bill Kostenko and includes Jim Dunbar and Warner Sulz and has appointed Canaccord Genuity Corp. as its financial advisor to support the Special Committee in the strategic review process.
The strategic review process will encompass an evaluation of the Company's current strategic direction, operations, market valuation and capital structure and will consider appropriate strategic, business and financial alternatives for the Company which may include, among other things, a corporate sale, a merger or other business combination, a sale of all or a portion of the company's assets, strategic investment or continuation as a standalone public company.
"Our management team and the Board are completely aligned on the decision to explore strategic alternatives to maximize shareholder value," said Richard Adair, the Company's Chief Executive Officer and Director.
The Board has not set a timetable to complete the strategic review process nor have any decisions been made relating to strategic alternatives at this time. There can be no assurance that the review process will result in a transaction. Pluribus will provide updates when further information becomes available.
While the review process is ongoing, Pluribus' management remains committed to executing the Company's strategy and business plan with the full support of the Board.
Pluribus is a technology company that is a value-based acquirer of small, profitable business-to-business technology companies in a range of verticals and industries. Pluribus provides its acquisitions access to experienced sales and marketing resources, strategic partnership opportunities, a diverse portfolio of customers in different geographical markets and enabling technologies to create new revenue streams and provide the opportunity for these companies to grow in their respective markets. For more information, please visit: www.pluribustechnologies.com.
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities laws, which reflect the current expectations of management of the Company's future growth, results of operations, performance and business prospects and opportunities. Forward-looking statements are frequently, but not always, identified by words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "potential for" and similar expressions, although these words may not be present in all forward-looking statements. Forward-looking statements in this press release includes, but is not limited to: statements regarding the Company's strategic review process and the potential outcome thereof; approval of any transactions resulting of the strategic review process; the possible impact of any potential transactions referenced herein on the Company's shareholders and any potential future arrangements and engagements in regards to any such potential transactions; possibility of improved future market conditions; statements with respect to the business plans of the Company, including the successful completion and pace of future acquisitions; the Company management's expectation on the growth, profitability and performance of its current and future acquisitions; the Company's ability to continue acquiring business-to-business software companies at reasonable prices; and the Company's ability to grow its portfolio companies into significant organizations.
These forward-looking statements reflect management's current beliefs with respect to future events and are based on information currently available to management that, while considered reasonable by management as of the date on which the statements are made, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. Forward-looking statements involve significant risks, uncertainties and assumptions and many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Such factors and assumptions include, but are not limited to, the Company's ability to retain key personnel; its ability to execute on its business plans and strategies; and the sufficiency of its working capital to continue to fund its operations during its strategic review process. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions and the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, the Company cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by law, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, investors should not place undue reliance on forward-looking statements. All the forward-looking statements are expressly qualified by the foregoing cautionary statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contact:
Richard Adair
Chief Executive Officer
Pluribus Technologies Corp.
Phone: 1 (800) 851-9383
SOURCE Pluribus Technologies Corp.
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