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Shareholders to receive US$1.17 per Share
OAKVILLE, ON, Feb. 9 /CNW/ - ComnetiX Inc. (TSX: CXI) announces that yesterday evening its shareholders and warrantholders approved a previously-announced arrangement between ComnetiX and L-1 Identity Solutions, Inc. (NYSE: ID) at an annual and special meeting of ComnetiX's shareholders and warrantholders.
Under the arrangement, L-1 will pay ComnetiX shareholders US$1.17 per share in cash for all of the issued and outstanding shares of ComnetiX, for a total purchase price of approximately US$17.83 million. The acquisition is structured as an arrangement under the Canada Business Corporations Act.
Bernard Crotty, Chairman and CEO of ComnetiX, stated: "We are very pleased that our shareholders approved the arrangement with L-1. We look forward to the completion of the acquisition shortly."
ComnetiX intends to apply to the Ontario Superior Court on February 16, 2007 for a final order approving the arrangement.
The arrangement agreement between ComnetiX and L-1 was amended yesterday evening to increase the price payable thereunder from US$1.12 to US$1.17 per share. Northern Financial Corporation, along with certain other shareholders of ComnetiX who had previously voted against the L-1 arrangement, agreed to support the arrangement.
About L-1 Identity Solutions
L-1 Identity Solutions, Inc. (NYSE: ID) consists of, among other businesses, the historic operations of Viisage Technology, Inc. and Identix Incorporated, which merged on August 29, 2006. L-1 Identity Solutions, together with its portfolio of companies, offers a comprehensive set of products and solutions for protecting and securing personal identities and assets. Leveraging the industry's most advanced multi-modal biometric platform for finger, face and iris recognition, our solutions provide a circle of trust around all aspects of an identity and the credentials assigned to it - including proofing, enrollment, issuance and usage. With the trust and confidence in individual identities provided by L-1 Identity Solutions, government entities, law enforcement and border management agencies, and commercial enterprises can better guard the public against global terrorism, crime and identity theft fostered by fraudulent identity. L-1 Identity Solutions is headquartered in Stamford, CT. For more information, visit www.L1ID.com.
About ComnetiX(TM) Inc (www.ComnetiX.com)
ComnetiX(TM) Inc provides secure identification and authentication solutions to both the public and private sectors throughout North America. ComnetiX offers multimode biometric identification solutions for use in areas such as applicant screening, financial services, health care, transportation, airlines and airports, casinos and gaming, and energy and utilities. Clients include American Airlines, Lehman Brothers, New York City Health and Hospital Corporation, New York State Division of Criminal Justice Services, Toronto Police Services Board, Boston Police Department and the Royal Canadian Mounted Police. ComnetiX is also Canada's premier applicant fingerprinting services company, facilitating tens of thousands of criminal background checks each year through its chain of ten offices across Canada. In addition, ComnetiX has established more than 40 applicant fingerprinting services locations throughout the United States.
Forward Looking Statements
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes," "plans," "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.