In c3199 transmitted at 18:04, April 7, 2006, an error occurred. The
second paragraph should have been ommitted. Corrected copy follows:
SAMSys Receives Demand for Payment and Notice of Intention to Enforce a
Security
Company: SAMSys Technologies Inc.
Stock Symbol: SMY
Listing: TSX
Outstanding Shares: 51.5 Million
Web Site: www.samsys.com
TORONTO, April 7 /CNW/ - SAMSys Technologies Inc. (SMY:TSX) ("SAMSys" or
the "Company"), an international provider of radio frequency identification
("RFID") hardware solutions, today announced that it has received a Demand for
Payment dated April 7, 2006 together with a Notice of Intention to Enforce a
Security pursuant to the Bankruptcy and Insolvency Act (the "Notice") from the
holder of its outstanding secured debentures (the "Debentures"). As announced
on April 6, 2006, the terms of the agreement between the holder of the
Debentures, Sirit Inc. ("Sirit") and SAMSys include the Company's consent to
the appointment of a receiver or an interim receiver for the purpose of
disposing of the Company's assets. The Company's consent to the receivership
constituted an event of default under the Debentures and also under the
Company's outstanding unsecured convertible debentures.
About SAMSys Technologies Inc.
SAMSys, founded in 1995, is a world-leading provider of RFID reader
solutions. SAMSys offers a family of products to simplify the installation and
ensure the ongoing performance of the overall RFID hardware infrastructure.
SAMSys is a public company whose common shares are listed for trading on the
TSX under the symbol "SMY". SAMSys has approximately 51.5 million common
shares outstanding. Visit SAMSys at: www.samsys.com and www.investorfile.com.
THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE
RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED. THE RISKS,
UNCERTAINTIES AND OTHER FACTORS, BOTH KNOWN AND UNKNOWN, THAT COULD INFLUENCE
ACTUAL RESULTS MAY BE SUBSTANTIAL AND INCLUDE THOSE DESCRIBED IN DOCUMENTS
FILED WITH REGULATORY AUTHORITIES, SUCH AS THE COMPANY'S MOST RECENTLY FILED
ANNUAL REPORT AND ANNUAL INFORMATION FORM. ACCORDINGLY, NO ASSURANCES CAN BE
GIVEN THAT ANY OF THE EVENTS ANTICIPATED BY THE FORWARD LOOKING STATEMENTS
WILL TRANSPIRE OR OCCUR, OR IF ANY OF THEM DO SO, WHAT BENEFITS THE COMPANY
WILL DERIVE THEREFROM.
%SEDAR: 00001696E
