Business
SAMSys Reviewing Strategic Options
SAMSys Reviewing Strategic Options.
About this update from Search Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nStock Symbol: SMY\nListing: TSX\nOutstanding Shares: 51.5 Million \nWeb Site: www.samsys.com \n\nTORONTO, March 26 /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 formed a special\ncommittee of independent directors to review and consider strategic options\navailable to the Company for enhancing shareholder value including, but not\nlimited to, business combinations and strategic partnerships. The special\ncommittee consists of David Newble (Chair), William McClean and Thomas Zender.\nSAMSys has retained DecisionPoint International LLC in North Carolina and TD\nSecurities Inc. in Canada to assist the committee.\nSAMSys has entered into discussions with the holder of its secured\ndebentures (the \"Debentures\") in connection with its review of strategic\nalternatives. As previously disclosed, the Debentures contain a covenant which\nrequires that the Company maintain a minimum cash balance of $2,000,000 while\nany obligations under the Debentures remain outstanding. If SAMSys is unable\nto conclude a transaction or reach an agreement with the holder of the\nDebentures with respect to that covenant, management currently expects that\nthe Company's cash balance will be reduced to that covenant amount in early\nMay 2006. There is no guarantee that the Company will complete a transaction\nor reach an agreement with the holder of the Debentures before such time.\nThe Company also announced that Mr. Dziersk has resigned from the board\nof directors effective today and advised the Company that he will not stand\nfor election as a director at the Company's annual general meeting to be held\non Monday, March 27, 2006. Mr. Dziersk continues to serve as Chief Executive\nOfficer and President of the Company.\nThe Company also announced two other changes to the slate of nominees for\nelection to the board of directors that was set out in the Company's\nmanagement information circular. Mr. Jeff Berkow has resigned from the board\nof directors effective today and Ms. Christine Soden has advised the Company\nthat she will not stand for election. Management of the Company will not put\nforward alternative nominees for election at the meeting. Instead, the board\nof directors has resolved to...