TORONTO, Nov. 29, 2016 /CNW/ - Pivot Technology Solutions,
Inc. (TSX-V: PTG), a full-service information technology provider,
today announced it has received conditional approval from the
Toronto Stock Exchange (TSX) to list its common shares on the TSX.
The TSX conditional approval is subject to customary listing
conditions.
Pivot's common shares are expected to be listed and posted for
trading on the TSX at the opening of markets on December 19, 2016 under its existing symbol
"PTG". In connection with the listing of the common shares on the
TSX, the last day of trading on the TSX-V is expected to be
December 16, 2016 and the common
shares will be delisted from the TSX-V upon commencement of trading
on the TSX.
"Graduating to the TSX will fulfill a key commitment to our
shareholders and among other advantages, will increase our access
to the capital markets and elevate our corporate profile," said
Kevin Shank, Pivot President and
Chief Executive Officer. "We look forward to this next chapter in
our development as we continue to execute our shareholder value
creation agenda."
"This is an important milestone for all of us at Pivot and for
our fellow shareholders who have long recognized the potential in
our business," said Brian Kyle,
Chief Financial Officer. "While the listing will not change our
focus on delivering great IT products and lifecycle services to
customers as a means of building shareholder value, it will create
higher expectations of governance and financial reporting. We are
ready and welcoming of this new level of scrutiny."
Concurrently with the TSX graduation, the Company intends to
proceed with a consolidation of its common shares on the basis of
four (4) pre-consolidation common shares for one (1)
post-consolidation common share (the Share Consolidation), subject
to the approval of the TSX. Shareholders of Pivot approved
the Share Consolidation at the Company's Annual General and Special
Meeting on June 21, 2016 and the
Company has received conditional approval from the TSX subject to
customary conditions. Currently, a total of 167,976,626
common shares in the capital of the Company are issued and
outstanding. Following the Share Consolidation, Pivot will have
41,994,157 common shares issued and outstanding, assuming there are
no other changes in the issued capital of the Company.
About Pivot Technology Solutions
Pivot is a leading
information technology infrastructure and services provider to
approximately 2,000 customers, including many members of the
Fortune 500. Founded in 2010, Pivot enjoys relationships with the
world's leading IT vendors and generates annual revenues of
approximately US$1.5 billion.
With over 875 employees and offices throughout North America, Pivot uses its knowledge and
local presence to help corporations, governments and educational
institutions design, build, implement and maintain advanced
computing and communication infrastructure. For more information,
visit www.pivotts.com.
Forward Looking Statements
This news release
contains statements that, to the extent they are not recitations of
historical fact, may constitute "forward-looking statements" within
the meaning of applicable Canadian securities laws. Forward-looking
statements include statements regarding growth and value creation
opportunities, and the assumptions underlying any of the foregoing.
Pivot uses words such as "may", "would", "could", "will", "likely",
"expect", "believe", "intend", "anticipate" and similar expressions
to identify forward-looking statements. Any such forward-looking
statements are based on assumptions and analyses made by Pivot in
light of its experience and its perception of historical trends,
current conditions and expected future developments, including the
assumption that Pivot's common shares will be listed on the TSX and
that the share consolidation will occur, in each case, in the
timeframe currently contemplated, as well as other factors Pivot
believes are appropriate under the relevant circumstances. However,
whether actual results and developments will conform to Pivot's
expectations and predictions is subject to any number of risks,
assumptions and uncertainties. Many factors could cause
Pivot's actual results to differ materially from those expressed or
implied by the forward-looking statements contained in this news
release. These factors include, without limitation: delays in
listing on the TSX and in the share consolidation. The
"forward-looking statements" contained herein speak only as of the
date of this news release and, unless required by applicable law,
the Company undertakes no obligation to publicly update or revise
such information, whether as a result of new information, future
events or otherwise.
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 release.
SOURCE Pivot Technology Solutions, Inc