VANCOUVER, Sept. 19, 2016 /PRNewswire/ - Norsat
International Inc. ("Norsat" or the
"Company") (TSX: NII and NYSE MKT: NSAT), a
provider of unique and customized communication solutions for
remote and challenging applications, today announced that it has
recently received indications of interest from multiple parties
with respect to a strategic transaction. Privet Fund
Management LLP ("Privet") is one such party that has offered to
acquire the Company for cash consideration of US$8.00 per share subject to due diligence,
financing and other conditions.
Norsat has retained Raymond James Ltd. as its financial advisor
and McMillan LLP as its legal advisor to assist the Company's Board
of Directors (the "Board") in reviewing and evaluating the
proposals and comparing such proposals to Norsat's standalone
strategic plan, consistent with the Board's fiduciary duties. The
review process initiated by the Board could result in bids with
consideration higher than US$8.00 per
share and the Company will work with its advisors to consider the
proposals as well as other potential opportunities in comparison to
the Company's long-term strategic plan.
The Company has not established a definitive timeline to
complete this review and no decision has been reached at this time.
There can be no assurance that the review being undertaken will
result in a business combination or a path different from the
Company's current strategic plan. The Company does not intend
to make any further announcements regarding the review unless and
until the Board has approved a specific transaction or other course
of action requiring disclosure.
About Norsat International Inc.
Founded in 1977,
Norsat International Inc. is a leading provider of innovative
communication solutions that enable the transmission of data, audio
and video for remote and challenging applications. Norsat's
products and services include leading-edge product design and
development, production, distribution and infield support and
service of fly-away satellite terminals, microwave components,
antennas, Radio Frequency (RF) conditioning products, maritime
based satellite terminals and remote network connectivity
solutions. More information is available at www.norsat.com, via
email at investor@norsat.com or by phone at 1-604-821-2800.
Forward Looking Statements
The discussion and
analysis of this news release contains forward-looking statements
concerning anticipated developments in Norsat's operations in
future periods, the adequacy of its financial resources and other
events or conditions that may occur in the future. Forward-looking
statements are frequently, but not always, identified by words such
as "expects," "anticipates," "believes," "intends," "estimates,",
"predicts," "potential," "targeted," "plans," "possible" and
similar expressions, or statements that events, conditions or
results "will," "may," "could" or "should" occur or be achieved.
These forward-looking statements include, without limitation,
statements about Norsat's market opportunities, strategies,
competition, expected activities and expenditures as it pursues its
business plan, the adequacy of available cash resources and other
statements about future events or results. Forward-looking
statements are statements about the future and are inherently
uncertain, and actual achievements of the Company or other future
events or conditions may differ materially from those reflected in
the forward-looking statements due to a variety of risks,
uncertainties and other factors, such as business and economic
risks and uncertainties. The forward-looking statements are based
on the beliefs, expectations and opinions of management on the date
the statements are made. Consequently, all forward-looking
statements made in this news release are qualified by this
cautionary statement and there can be no assurance that actual
results or anticipated developments will be realized. For the
reasons set forth above, investors should not place undue reliance
on forward-looking statements. These forward-looking statements are
made as of the date of this news release and Norsat assumes no
obligation to update or revise them to reflect new events or
circumstances, other than as required by law.
SOURCE Norsat International Inc.