Québec (Québec), May 11, 2009 – Fortsum Business Solutions Inc. (“Fortsum Business Solutions”) (TSX Venture: FRT) announces that its securityholders have approved the statutory plan of arrangement under the provisions of the Canada Business Corporations Act involving Fortsum Business Solutions and 4503961 Canada Inc. (the “Purchaser”), a direct wholly-owned subsidiary of GFI Solutions Group inc., pursuant to which the Purchaser will acquire all of the outstanding shares of Fortsum Business Solutions for $0.82 per share and all of the options to purchase shares of Fortsum Business Solutions for a cash amount equal to $0.82 per option less the exercise price in respect of such option.
The plan of arrangement was approved by 99,9% of the votes cast by securityholders at the special meeting of securityholders of Fortsum Business Solutions held earlier today.
The plan of arrangement remains subject to the approval of the Superior Court of Québec. The hearing in respect of the final order approving the plan of arrangement is scheduled to take place on May 19, 2009.
Subject to obtaining Court approval, the transactions contemplated by the plan of arrangement are scheduled to close on May 21, 2009. Cheques will be mailed by the depositary to the holders of options no later than three business days following the closing date and to shareholders on the three business days following either the closing date or the date when all required documentation is received by the depositary.
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 Fortsum Business Solutions. The completion of the transactions contemplated by the plan of arrangement is subject to certain conditions, including the approval of the Superior Court of Québec. Failure to complete such transactions could have a material adverse effect on the trading price of shares of Fortsum Business Solutions.
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For Information:
André Thompson
Chair of the Board and Chief Executive Officer
[email protected]
Dany Beaudet
Shareholder Communications Coordinator
[email protected]
T : 418 877-5051, ext. 2272 • 1 888 268-0088
F : 418 877-9994
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the release.