Saratoga Exploring Strategic Alternatives
October 08 2010 - 1:36PM
Marketwired
Saratoga Electronic Solutions Inc. (the "Corporation") (TSX
VENTURE: SAR) announced today that its Board of Directors has
initiated a process to explore and consider possible strategic
alternatives for enhancing shareholder value, including a possible
sale of the Corporation. A Special Committee of the Board of
Directors has been formed in order to oversee this process and KPMG
Corporate Finance Inc. has been retained as the Corporation's
financial advisor to assists and advise in this process.
The Corporation has not set a definitive timetable for
completion of its evaluation and there can be no assurance that
this process will lead to the approval or completion of any
definitive agreement or other transaction. Saratoga does not intend
to disclose developments regarding this process unless and until
its Board of Directors approves a specific transaction or otherwise
concludes the review of strategic alternatives.
The Corporation
The Corporation has two principal lines of business: automatic
teller machine ("ATMs") and prepaid products. Through its
subsidiary Saratoga ATM Corporation Inc., the Corporation places
and operates a network of ATMs in Eastern Canada. Through its
subsidiary Car-Tel Distributions Inc., the Corporation distributes
to consumers point-of- sale activated prepaid cellular telephone
PINs and long distance calling cards, and offers to retailers a
variety of electronic gift card solutions.
Forward-Looking Statements
This news release contains certain forward-looking statements
concerning our future operations, economic performance and
financial condition. These statements are based on certain
assumptions and analyses made by us in light of our experience and
our perception of historical trends, current conditions and
expected future developments, as well as other factors we believe
are appropriate in the circumstances. However, whether actual
results and developments will conform to our expectations and
predictions is subject to a number of risks, uncertainties and
assumptions. Consequently, all of the forward-looking statements in
this news release are qualified by these cautionary statements, and
there can be no assurance as to the Corporation's ability to enter
into or consummate a transaction as a result of the exploration and
consideration of possible strategic alternatives or as to the
Corporation's ability to enhance shareholder value through this
process. There can be no assurance that the results or developments
anticipated by us will be realized or, even if substantially
realized, that they will have the expected consequences to or
effects on us and our subsidiaries or their business or operations.
We undertake no obligation and do not intend to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
under applicable law.
Contacts: Saratoga Electronic Solutions Inc. Mr. Georges Durst
President and Chief Executive Officer 514-529-0663
Saratoga Electronic Solutions (TSXV:SAR)
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