Fortsum Business Solutions extends exclusive discussions with GFI Solutions Group until March 13, 2009
Québec, March 9, 2009 – Fortsum Business Solutions Inc. (the “Corporation”) (TSX Venture: FRT) announced that is has agreed with GFI Solutions Group Inc. (“GFI Solutions Group”) to extend until March 13, 2009 the exclusive discussions over GFI Solutions Group’s non-binding proposal to acquire all of the outstanding shares of the Corporation at a price of $0.82 in cash per share. The exclusivity period was supposed to end March 6, 2009.
The shareholders having agreed to support the transaction should the Corporation and GFI Solutions Group enter into a binding agreement to that end, holding as a group 41% of the outstanding shares of the Corporation, have also agreed with GFI Solutions Group to prolong their support until March 13, 2009.
GFI Solution Group’s non-binding proposal is subject to confirmation of financing, execution of the final agreements and other customary conditions. While GFI Solutions Group confirmed that it has completed the major part of its due diligence and that negotiations of the final agreements are making satisfactory progress, there is no assurance that these negotiations will result in a binding offer being made for the shares of the Corporation. See “Forward-looking Information”.
The Corporation intends to make no further announcements or comments unless the circumstances so warrant.
About Fortsum Business Solutions
Fortsum Business Solutions Inc. is mainly involved in the development, integration, marketing and support of accounting, commercial and banking data management software. For more information: www.fortsum.com.
About GFI Solutions Group
Based in Montreal, GFI Solutions Group is a leader in Canadian IT consulting services and products to businesses and public and semi-public sectors, including management consulting, application development, system and application integration, outsourcing and technical writing services. GFI Solutions Group has also developed three Excellency centers in transactional systems and back-office applications for the banking industry, and ERP solutions. With 750 employees, GFI Solutions Group is part of the top 25 IT products and services consulting firms in Canada. It is also a member of the GFI Informatique group, an international organization with over 9,500 collaborators worldwide and revenues exceeding one billion CAD. For more information about GFI Solutions Group, please visit www.gfisolutions.com.
Forward-looking Information
This press release contains forward-looking statements relating to the proposed acquisition of the Corporation. Statements based on management’s current expectations contain known and unknown inherent risks and uncertainties. Actual results may vary from forecasts. The reader should not place undue faith in forward-looking information. GFI Solutions Group’s non-binding proposal is subject to certain conditions. Failure to enter into final agreements and complete the proposed acquisition could have a material adverse effect on the trading price of shares of the Corporation.
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For Information:
André Thompson
Chief Executive Officer
[email protected]
Dany Beaudet
Shareholder Communications Coordinator
Tel.: (418) 877-3003 Ext. 2272
Toll-free: 1 888 268-0088
Fax: (418) 877-9994
[email protected]
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the release.