Company: SAMSys Technologies Inc.
Stock Symbol: SMY
Listing: TSX
Outstanding Shares: 51.5 Million
Web Site: www.samsys.com
TORONTO, March 28 /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 a received a Notice
of Default from Fund 321 Limited Partnership, carrying on business as
Wellington Financial Fund II ("Wellington"), the holder of the Company's
secured debentures ("Debentures"). The Notice of Default alleges that a non
payment-related Event of Default has occurred under the terms of the
Debentures. The Company rejects the allegation that any such Event of Default
has occurred and will resist any action taken by Wellington in reliance on
such allegation.
The Company believes that Wellington has taken this step based on its
internal views as to the realizable value of the Company's assets, unsupported
by any independent third party valuation. Wellington is well aware of the
Company's efforts to identify strategic options that could be available in the
short term and that could help to solidify the Company's financial resources.
This step by Wellington may harm the Company's ability to realize on such
available short term options.
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
