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ComnetiX Injunction Against BIO-key Offer to be Heard On or After February 8, 2007
ComnetiX Injunction Against BIO-key Offer to be Heard On or After February 8, 2007.
About this update from Currency Exchange International, Corp.
[{"type":"text","content":"\n\n\n\nTwo Significant Voting Agreements with Northern Financial Corporation\n\n\nHave Been Terminated\n\n\nComnetiX Shareholders, Your Vote Continues to Be Extremely Critical.\n\n\nPlease Vote in Favour of ComnetiX's Plan of Arrangement with L-1 Identity\n\n\nSolutions Inc.\n\n\nOAKVILLE, ON, Feb. 2 /CNW/ - ComnetiX Inc. (TSX: CXI) announced today\nthat the Ontario Superior Court of Justice will hear ComnetiX's application\nfor an injunction prohibiting BIO-key International, Inc. (\"Bio-key\") from\nproceeding with its take-over bid for the common shares of ComnetiX, made on\nJanuary 19, 2007. The Court today determined that ComnetiX's application for\nan injunction would be heard as soon as possible on or after February 8, 2007.\nA date for the hearing has to be scheduled between the parties.\n\n\nThe injunction is being sought by ComnetiX to enforce the terms of an\nagreement entered into by ComnetiX and Bio-key on May 17, 2006. As previously\nannounced, the agreement was signed during preliminary discussions between\nComnetiX and Bio-key with respect to a possible merger or other business\ncombination, which did not materialize. The agreement included a customary\n\"standstill\" clause, which provided that Bio-key would not acquire ComnetiX's\nshares, or make an offer to acquire ComnetiX's shares, for a period of one\nyear.\n\n\nComnetiX believes that Bio-key breached the \"standstill\" provision by\nmaking its unsolicited offer to acquire all of ComnetiX's outstanding shares.\n\n\nBernard Crotty, Chairman and Chief Executive Officer of ComnetiX said:\n\"We are obviously very pleased that our application will be heard so quickly.\nWe believe it is important that the Court enforce our agreement from May 2006,\nso that the contract between the parties is respected.\"\n\n\nComnetiX will issue a press release as soon as the Court renders its\ndecision on the injunction.\n\n\nMr. Crotty added: \"We urge shareholders to vote for our plan of\narrangement with L-1 Identity Solutions, Inc. (\"L-1\") under which ComnetiX\nshareholders will receive US$1.12 cash per share, at our shareholders' meeting\nin Toronto on Thursday, February 8, 2007. Every vote is critical. We note that\nNorthern Financial Corporation, which is soliciting proxies against our plan\nof arrangement, announced today that two voting agreements between certain of\...