E-xact Transactions Ltd.: News Release
January 14 2011 - 5:13PM
Marketwired
E-xact Transactions Ltd. (TSX VENTURE: EXZ)
In connection with the completion of the Merger transaction
previously disclosed by the Company and further to the Company's
most recent news releases, the Company confirms that the Letters of
Transmittal have now been sent to all registered shareholders and
the Company takes this opportunity to remind shareholders that the
final Election date for shareholders to choose a redemption option
is Friday, January 29, 2011 at 5:00 PM EST.
Beneficial shareholders will receive their Letter of Transmittal
and related information from their brokerage firm, bank, or trust
corporation or other third party intermediary and not directly from
the Company. If you have not yet received this information,
beneficial shareholders are advised to contact their broker or
intermediary in order to provide them with appropriate
instructions.
As previously stated, in the event that an Election is not
received by the Company on before January 29, 2011, the shareholder
will be deemed to have elected an immediate cash payment of $0.30
CDN per Share.
The Company has been advised that although the Letters of
Transmittal and related documents are all factually correct, that
some information may have been provided to shareholders by
intermediaries that, for reasons outside the control of the
Company, is partially incorrect. The correct information has now
been disseminated and for certainty, the consideration to be
received should read as follows:
Stockholders can elect to receive merger consideration of either
(i) an immediate cash payment of $0.30 CDN per former share
("Share") or (ii) $0.40 CDN per Share with an immediate cash
payment of $0.15 CDN per Share plus a vendor take back note in the
principal amount of $0.25 CDN per Share payable in cash 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.
Should you wish to discuss the Election, inquiries can be
directed to the undersigned.
"Peter Fahlman"
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 expressed 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. Peter Fahlman CEO, President
604.691.1670 ext.110 pfahlman@e-xact.com www.e-xact.com
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