Business
ComnetiX Responds to BIO-key International's Announced Intention to Make an Unsolicited Tender Offer
ComnetiX Responds to BIO-key International's Announced Intention to Make an Unsolicited Tender Offer.
About this update from Currency Exchange International, Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 22 /CNW/ - ComnetiX(TM) Inc. (TSX:CXI), a leading provider\nof integrated biometric identification and authentication solutions, today\nannounced that is has neither solicited nor received any tender offer from\nBio-key International. The announcement came in response to a December 21,\n2006 press release by Bio-key International Inc indicating that it intends to\nmake a tender offer for all of the issued and outstanding common shares of\nComnetiX.\n\n\nBernard W. Crotty, Chairman and CEO of ComnetiX, stated \"The Company's\nboard of directors is continuing to satisfy our obligations under the\nArrangement Agreement with L-1 Identity Solutions, Inc. We will of course also\nsatisfy our fiduciary obligations to shareholders if at any point a bonafide\nthird party offer is made.\"\n\n\nA special meeting of shareholders of ComnetiX will be held on January 19,\n2007, for the purpose of considering an Arrangement under section 192 of the\nCanada Business Corporations Act involving ComnetiX, its shareholders and\nwarrantholders, 6653375 Canada Inc. and L-1 Identity Solutions, Inc. The\nArrangement provides for the acquisition by L-1 of all of the outstanding\ncommon shares of ComnetiX for US $0.82 in cash per share (subject to\nadjustment as described in the Management Information Circular of ComnetiX)\nand the acquisition by ComnetiX of all its outstanding warrants for US $0.03\nin cash per warrant. The Board of Directors of ComnetiX has unanimously\napproved of the Arrangement with L-1 and has determined that the Arrangement\nis fair to, and in their best interests of, ComnetiX's shareholders and\nwarrantholders.\n\n\nA Management Information Circular relating to the special shareholders'\nmeeting has been mailed to ComnetiX shareholders and warrantholders and is\navailable on SEDAR at www.sedar.com.\n\n\nAbout ComnetiX(TM) Inc (www.ComnetiX.com)\n\n\nComnetiX(TM) Inc provides secure identification and authentication\nsolutions to both the public and private sectors throughout North America.\nComnetiX offers multimode biometric identification solutions for use in areas\nsuch as applicant screening, financial services, health care, transportation,\nairlines and airports, casinos and gaming, and energy and utilities. Clients\ninclude American Airlines, Lehman Brothers, New York City Health and Hospital\nCorporatio...