TORONTO, Dec. 22 /CNW/ - ComnetiX(TM) Inc. (TSX:CXI), a leading provider of integrated biometric identification and authentication solutions, today announced that is has neither solicited nor received any tender offer from Bio-key International. The announcement came in response to a December 21, 2006 press release by Bio-key International Inc indicating that it intends to make a tender offer for all of the issued and outstanding common shares of ComnetiX.
Bernard W. Crotty, Chairman and CEO of ComnetiX, stated "The Company's board of directors is continuing to satisfy our obligations under the Arrangement Agreement with L-1 Identity Solutions, Inc. We will of course also satisfy our fiduciary obligations to shareholders if at any point a bonafide third party offer is made."
A special meeting of shareholders of ComnetiX will be held on January 19, 2007, for the purpose of considering an Arrangement under section 192 of the Canada Business Corporations Act involving ComnetiX, its shareholders and warrantholders, 6653375 Canada Inc. and L-1 Identity Solutions, Inc. The Arrangement provides for the acquisition by L-1 of all of the outstanding common shares of ComnetiX for US $0.82 in cash per share (subject to adjustment as described in the Management Information Circular of ComnetiX) and the acquisition by ComnetiX of all its outstanding warrants for US $0.03 in cash per warrant. The Board of Directors of ComnetiX has unanimously approved of the Arrangement with L-1 and has determined that the Arrangement is fair to, and in their best interests of, ComnetiX's shareholders and warrantholders.
A Management Information Circular relating to the special shareholders' meeting has been mailed to ComnetiX shareholders and warrantholders and is available on SEDAR at www.sedar.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.
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.