E-xact Transactions Ltd.: Merger Agreement Price Adjustment
October 21 2010 - 2:23PM
Marketwired
E-xact Transactions Ltd. (TSX VENTURE: EXZ) ("E-xact") is pleased
to announce that the Merger Agreement between E-xact and a private
US company owned by two directors of E-xact, Bri an Archer and
Peter Fahlman has been adjusted to benefit Company Stockholders by
an increase in the cash payment from $0.28 per share to $0.30 per
share.
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
either:
1. CDN $.40 per share with an immediate cash payment of $.15 per
share plus a vendor take back note in the principal amount of CDN
$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 $0.30 per share.
Dieter Heidrich, Director and member of the Special Committee
said "We are pleased to see the Merger Proposal providing a
shareholder liquidity event and also reflect the most recent
Company valuation provided by Evans and Evans."
K Dieter Heidrich, Chairman, Member of Special Committee
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 ex pressed 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.
Contacts: E-xact Transactions Ltd. K Dieter Heidrich Chairman
Member of Special Committee 604.691.1670 ext.110
mergerinfo@e-xact.com www.e-xact.com
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