Business
SAMSys Responds to Allegation of Default
SAMSys Responds to Allegation of Default.
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 28 /CNW/ - SAMSys Technologies Inc. (SMY:TSX) (\"SAMSys\" or\nthe \"Company\"), an international provider of radio frequency identification\n(\"RFID\") hardware solutions, today announced that it has a received a Notice\nof Default from Fund 321 Limited Partnership, carrying on business as\nWellington Financial Fund II (\"Wellington\"), the holder of the Company's\nsecured debentures (\"Debentures\"). The Notice of Default alleges that a non\npayment-related Event of Default has occurred under the terms of the\nDebentures. The Company rejects the allegation that any such Event of Default\nhas occurred and will resist any action taken by Wellington in reliance on\nsuch allegation.\nThe Company believes that Wellington has taken this step based on its\ninternal views as to the realizable value of the Company's assets, unsupported\nby any independent third party valuation. Wellington is well aware of the\nCompany's efforts to identify strategic options that could be available in the\nshort term and that could help to solidify the Company's financial resources.\nThis step by Wellington may harm the Company's ability to realize on such\navailable short term options.\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 AS THE COMPANY'S MOST RECENTLY FILED\nANNUAL REPORT AND ANNUAL INFORMATION FORM. ACCORDINGLY, NO ASSURANCES CAN BE\nGIVEN THAT ANY OF THE EVENTS ANTICIPATED BY THE FORWARD LOOKING STATEMENTS\nWILL TRANS...