Converge Technology Solutions Corp. Announces Commencement of Strategic Review Process to Maximize Shareholder Value
TORONTO and GATINEAU, QC, Nov. 22, 2022 /PRNewswire/ – Converge Technology Solutions Corp. (“Converge” or “the Company“) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) announced that its Board of Directors has formed a special committee of independent directors (the “Special Committee“) to undertake, in consultation with its established financial and legal advisors, a review and evaluation of strategic alternatives that may be available to the Company to unlock shareholder value. The Special Committee will be chaired by Brian Phillips, Lead Independent Director and includes Darlene Kelly, Chair of Audit Committee and Ralph Garcea, Chair of Compensation Committee.
In response to expressions of interest that have been received by the Company, the Special Committee will evaluate a full range of strategic alternatives, including a sale, merger, divestiture, recapitalization, other strategic transaction, or continuing to operate as a public company.
“Our management team is fully aligned with the Board’s decision to explore strategic options to maximize shareholder value,” said Shaun Maine, Converge’s Chief Executive Officer.
There can be no assurance that this process will lead to the approval or completion of any transaction. The Company does not intend to provide any updates with respect to this process unless and until its Board of Directors approves a specific transaction or otherwise concludes its review of strategic alternatives.
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable Canadian securities legislation regarding Converge and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while the Company considers reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Except as required by law, Converge assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change. The reader is cautioned not to place undue reliance on forward-looking statements.
For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s filings available on SEDAR under the Company’s profile at www.sedar.com including its most recent Annual Information Form, its Management Discussion and Analysis and its Annual and Quarterly Financial Statements.
Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge’s global approach delivers advanced analytics, application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.
SOURCE Converge Technology Solutions Corp.