Business
SAMSys Provides Update on Strategic Alternatives
SAMSys Provides Update on Strategic Alternatives.
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nCompany: SAMSys Technologies Inc.\nStock Symbol: SMY\nListing: TSX\nOutstanding Shares: 51.5 Million\nWeb Site: www.samsys.com \n\nTORONTO, March 31 /CNW/ - SAMSys Technologies Inc. (SMY:TSX) (\"SAMSys\" or\nthe \"Company\"), an international provider of radio frequency identification\n(\"RFID\") hardware solutions, today announced that its board of directors has\ndetermined, based on the recommendation of its special committee following\nthat committee's review and exploration of the options available to the\nCompany in the current circumstances, that it would be in the best interests\nof the Company to attempt to conclude a transaction involving the sale of the\nbusiness.\nThe Company's management, with the assistance of its financial advisors\nand, more recently, the special committee, has been exploring ways to\nalleviate its liquidity issues for some time. The Company and its advisors\nhave held discussions with several third parties to assess the possibilities\nfor SAMSys to, among other things, obtain new financing, be acquired by or\nmerged into another company, license its intellectual property rights or sell\ncertain or all of its assets. To date, none of these discussions have resulted\nin a transaction that would be beneficial to the Company and there can be no\nguarantee that any transaction can be concluded on a timely basis, given the\nCompany's current level of cash resources.\nThe Company continues to engage in discussions with its sole secured\ncreditor with respect to these matters.\n\nAbout SAMSys Technologies Inc.\nSAMSys, founded in 1995, is a world-leading provider of RFID reader\nsolutions. SAMSys offers a family of products to simplify the installation and\nensure the ongoing performance of the overall RFID hardware infrastructure.\nSAMSys is a public company whose common shares are listed for trading on the\nTSX under the symbol \"SMY\". SAMSys has approximately 51.5 million common\nshares outstanding. Visit SAMSys at: www.samsys.com and www.investorfile.com.\n\nTHIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE\nRESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED. THE RISKS,\nUNCERTAINTIES AND OTHER FACTORS, BOTH KNOWN AND UNKNOWN, THAT COULD INFLUENCE\nACTUAL RESULTS MAY BE SUBSTANTIAL AND INCLUDE THOSE DESCRIBED IN DOCUMENTS\nFILED WITH REGULATORY AUTHORITIES, SUCH A...