Company: SAMSys Technologies Inc.
Stock Symbol: SMY
Listing: TSX
Outstanding Shares: 51.5 Million
Web Site: www.samsys.com
TORONTO, March 31 /CNW/ - SAMSys Technologies Inc. (SMY:TSX) ("SAMSys" or
the "Company"), an international provider of radio frequency identification
("RFID") hardware solutions, today announced that its board of directors has
determined, based on the recommendation of its special committee following
that committee's review and exploration of the options available to the
Company in the current circumstances, that it would be in the best interests
of the Company to attempt to conclude a transaction involving the sale of the
business.
The Company's management, with the assistance of its financial advisors
and, more recently, the special committee, has been exploring ways to
alleviate its liquidity issues for some time. The Company and its advisors
have held discussions with several third parties to assess the possibilities
for SAMSys to, among other things, obtain new financing, be acquired by or
merged into another company, license its intellectual property rights or sell
certain or all of its assets. To date, none of these discussions have resulted
in a transaction that would be beneficial to the Company and there can be no
guarantee that any transaction can be concluded on a timely basis, given the
Company's current level of cash resources.
The Company continues to engage in discussions with its sole secured
creditor with respect to these matters.
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
