SAMSys Reviewing Strategic Options27 March 2006
SAMSys Technologies Inc. (SMY:TSX) ("SAMSys" or the "Company"), an international provider of radio frequency identification ("RFID") hardware solutions, today announced that it has formed a special committee of independent directors to review and consider strategic options available to the Company for enhancing shareholder value including, but not limited to, business combinations and strategic partnerships. The special committee consists of David Newble (Chair), William McClean and Thomas Zender. SAMSys has retained DecisionPoint International LLC in North Carolina and TD Securities Inc. in Canada to assist the committee.
SAMSys has entered into discussions with the holder of its secured debentures (the "Debentures") in connection with its review of strategic alternatives. As previously disclosed, the Debentures contain a covenant which requires that the Company maintain a minimum cash balance of $2,000,000 while any obligations under the Debentures remain outstanding. If SAMSys is unable to conclude a transaction or reach an agreement with the holder of the Debentures with respect to that covenant, management currently expects that the Company's cash balance will be reduced to that covenant amount in early May 2006. There is no guarantee that the Company will complete a transaction or reach an agreement with the holder of the Debentures before such time.
The Company also announced that Mr. Dziersk has resigned from the board of directors effective today and advised the Company that he will not stand for election as a director at the Company's annual general meeting to be held on Monday, March 27, 2006. Mr. Dziersk continues to serve as Chief Executive Officer and President of the Company.
The Company also announced two other changes to the slate of nominees for election to the board of directors that was set out in the Company's management information circular. Mr. Jeff Berkow has resigned from the board of directors effective today and Ms. Christine Soden has advised the Company that she will not stand for election. Management of the Company will not put forward alternative nominees for election at the meeting. Instead, the board of directors has resolved to fix the size of the board at five members.
About SAMSys Technologies Inc.
SAMSys, founded in 1995, is a world-leading provider of RFID reader solutions. SAMSys offers a family of products to simplify the installation and ensure the ongoing performance of the overall RFID hardware infrastructure. SAMSys is a public company whose common shares are listed for trading on the TSX under the symbol "SMY". SAMSys has approximately 51.5 million common shares outstanding. Visit SAMSys at: www.samsys.com and www.investorfile.com.
THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED. THE RISKS, UNCERTAINTIES AND OTHER FACTORS, BOTH KNOWN AND UNKNOWN, THAT COULD INFLUENCE ACTUAL RESULTS MAY BE SUBSTANTIAL AND INCLUDE THOSE DESCRIBED IN DOCUMENTS FILED WITH REGULATORY AUTHORITIES, SUCH AS THE COMPANY'S MOST RECENTLY FILED ANNUAL REPORT AND ANNUAL INFORMATION FORM. ACCORDINGLY, NO ASSURANCES CAN BE GIVEN THAT ANY OF THE EVENTS ANTICIPATED BY THE FORWARD LOOKING STATEMENTS WILL TRANSPIRE OR OCCUR, OR IF ANY OF THEM DO SO, WHAT BENEFITS THE COMPANY WILL DERIVE THEREFROM.
%SEDAR: 00001696E
For further information: SAMSys Company Contact: George Kypreos, Vice President, Chief Financial Officer and Secretary, (919) 281-1546, gkypreos@samsys.com; SAMSys Investor Relations: Gerry Wimmer, INVESTORFILE.com, (416) 360-8895, gwimmer@investorfile.com
Source: newswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
Related Articles
|
