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Published in House and Home on Monday, February 23rd 2009 at 9:01 GMT, Last Modified on 2009-02-23 09:02:54 by Market WireTORONTO, ONTARIO--(Marketwire - Feb. 23, 2009) - Momentum Advanced Solutions Inc. (TSX:WWW), ("Momentum or the Company"), announced today that it had received a non-binding expression of interest from a company controlled by Sheldon Pollack and Phillip DeLeon, the Chief Executive Officer and President, respectively, of Momentum, with respect to the possible privatization of Momentum. The expression of interest indicated that the offeror would be prepared to pay $0.20 in cash per common share to the shareholders of Momentum (other than Messrs Pollack and DeLeon, their associates and affiliates).
Sheldon Pollack and Phillip DeLeon each own or control approximately 20% of the 64,105,577 outstanding common shares of Momentum.
The expression of interest is non-binding and subject to conditions, including receipt of board, shareholder, regulatory and stock exchange approvals, completion of definitive documentation, financing and the finalization of all material terms between the parties. There can be no assurance that any transaction will be consummated on the proposed terms or at all as a consequence of the delivery of the expression of interest.
An independent committee of the board of directors of Momentum has been formed to review the non-binding expression of interest and to consider other alternatives to enhance shareholder value.
Momentum is scheduled to release its third quarter financial results for the period ending January 31, 2009 on or around March 10, 2009.
Forward Looking Statement
This press release contains forward-looking information (including without limitation, forward-looking information that relates to guidance respecting the Company s third quarter financial results. All forward-looking information is based on management's best estimates and the current operating environment. Forward-looking information typically contains words such as "anticipate", "believe", should , may , "expect", intend , "plan" or similar words suggesting future outcomes. These statements are based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information, including Momentum s perception of historical trends, current conditions and expected future developments as well as other factors management believes are appropriate in the circumstances.
Such forward-looking information is as of the date hereof and is subject to a number of known and unknown risks, uncertainties and other factors which could cause actual results or events to differ materially from future results or events expressed, anticipated or implied by such forward-looking information. Such factors may include but are not limited to, changes in markets and competition, continued weakness in the general economy, technological and competitive developments. Therefore, actual outcomes and results may differ materially from those expressed in such forward-looking information. Readers are cautioned that such information may not be appropriate for other purposes. Other than as may be required by law, Momentum disclaims any intention or obligation to update or revise any such forward-looking information, whether as a result of new information, future events or otherwise.
About Momentum Advanced Solutions Inc.
Momentum is a leader in Web outsourcing services. Its solutions provide customers with the innovation, integration, and operational expertise needed to reduce costs and/or improve productivity by outsourcing their mission critical, web-based applications and infrastructure to Momentum. Headquartered in Markham, Ontario, Momentum has offices in Ottawa, Windsor, Calgary and Toronto. Momentum Advanced Solutions is publicly traded on the Toronto Stock Exchange and trades under the symbol WWW.
