March Networks Obtains Final Court Approval of Arrangement with Infinova (Canada) Ltd.
Poster: SySAdmin
Posted on March 23, 2012 at 3:35:01 PM
March Networks Obtains Final Court Approval of Arrangement with Infinova (Canada) Ltd.
OTTAWA, March 23, 2012 /PRNewswire/ - March Networks(®) (TSX: MN), a global provider of intelligent IP video solutions, today
announced that it has obtained a final order of the Ontario Superior
Court of Justice (Commercial List) (the "Court") approving the
previously announced arrangement under the Canada Business Corporations Act (the "Arrangement") pursuant to which Infinova (Canada) Ltd. ("Infinova
Canada"), an indirect wholly-owned Canadian subsidiary of Shenzhen
Infinova Ltd. ("Shenzhen Infinova"), will acquire all of the issued and
outstanding common shares of March Networks for C$5.00 per share in
cash. Receipt of the final order follows the special meeting of
shareholders of March Networks, held pursuant to an interim order of
the Court, at which shareholders approved the Arrangement.
Assuming all remaining conditions under the arrangement agreement made
as of December 8, 2011 among March Networks, Infinova Canada and
Shenzhen Infinova (the "Arrangement Agreement") are satisfied or waived
(where permitted), the Arrangement is expected to become effective in
late March or in April, 2012.
About March Networks
March Networks® (TSX:MN) is a leading provider of intelligent IP video
solutions. For more than a decade, the company has helped some of the
world's largest commercial and government organizations transition from
traditional CCTV to advanced surveillance technologies used for
security, loss prevention, risk mitigation and operational efficiency.
Its highly scalable and easy to use Command(TM) video management platform
incorporates a web-based client interface to enable rapid system
deployment and complete system control. It is complemented by the
company's portfolio of high-definition IP cameras, encoders, video
analytics and hybrid recorders, as well as outstanding professional and
managed services. March Networks systems are delivered through an
extensive distribution and partner network in more than 50 countries.
For more information, please visit http://www.marchnetworks.com.
About Infinova
With solutions that enable end-users to extend the life of their
existing analog equipment by having it co-exist with their new IP video
equipment, Infinova provides megapixel, IP and analog surveillance
cameras, specialized cameras, core equipment for video control rooms,
fiber optic communications, access control products and customized
systems. Infinova is acknowledged for its exceptional customer service
programs and as "the Integrator's Manufacturer." Infinova has provided
security solutions for major projects including the Port of Miami,
Shanghai 2010 World Expo, the Panama Canal, Italy's AutovieVenete
Motorway, the Bangalore (India) toll surveillance system, Kuwait
International Airport, the 2010 Asian Games, the Los Angeles MTA and
many others.
Forward-Looking Statements
Certain statements included in this release constitute forward-looking
statements, including those identified by the expressions "expect",
"intend" and similar expressions to the extent they relate to March
Networks or its management. The forward-looking statements are not
historical facts but reflect March Networks' current assumptions and
expectations regarding future results or events. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from current
assumptions and expectations. The completion of the Arrangement is
subject to a number of terms and conditions, including required
regulatory approvals, as well as certain termination rights available
to the parties under the Arrangement Agreement. To the extent such
approvals are outstanding, they may not be obtained, the other
conditions to the transaction may not be satisfied in accordance with
their terms, and/or the parties to the Arrangement Agreement may
exercise their termination rights, in which case the Arrangement could
be modified, restructured or terminated, as applicable. Readers are
cautioned not to place undue reliance on forward-looking statements.
Actual developments may differ materially from those contemplated by
these statements depending on, among other things, the risks that the
parties will not proceed with the proposed transaction, that the
ultimate terms of the transaction will differ from those that are
currently contemplated, and that the transaction will not be
successfully completed for any reason (including the failure to obtain
any required approvals or satisfy other conditions). March Networks
does not intend, and disclaims any obligation, except as required by
law, to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
*MARCH NETWORKS, March Networks Command and the MARCH NETWORKS logo are
trademarks of March Networks Corporation. All other trademarks are the
property of their respective owners.
SOURCE MARCH NETWORKS CORPORATION
MARCH NETWORKS CORPORATION
CONTACT: Ken Taylor
Chief Financial Officer, March Networks
+1 613-591-8181
ktaylor@marchnetworks.com
OTTAWA, March 23, 2012 /PRNewswire/ - March Networks(®) (TSX: MN), a global provider of intelligent IP video solutions, today
announced that it has obtained a final order of the Ontario Superior
Court of Justice (Commercial List) (the "Court") approving the
previously announced arrangement under the Canada Business Corporations Act (the "Arrangement") pursuant to which Infinova (Canada) Ltd. ("Infinova
Canada"), an indirect wholly-owned Canadian subsidiary of Shenzhen
Infinova Ltd. ("Shenzhen Infinova"), will acquire all of the issued and
outstanding common shares of March Networks for C$5.00 per share in
cash. Receipt of the final order follows the special meeting of
shareholders of March Networks, held pursuant to an interim order of
the Court, at which shareholders approved the Arrangement.
Assuming all remaining conditions under the arrangement agreement made
as of December 8, 2011 among March Networks, Infinova Canada and
Shenzhen Infinova (the "Arrangement Agreement") are satisfied or waived
(where permitted), the Arrangement is expected to become effective in
late March or in April, 2012.
About March Networks
March Networks® (TSX:MN) is a leading provider of intelligent IP video
solutions. For more than a decade, the company has helped some of the
world's largest commercial and government organizations transition from
traditional CCTV to advanced surveillance technologies used for
security, loss prevention, risk mitigation and operational efficiency.
Its highly scalable and easy to use Command(TM) video management platform
incorporates a web-based client interface to enable rapid system
deployment and complete system control. It is complemented by the
company's portfolio of high-definition IP cameras, encoders, video
analytics and hybrid recorders, as well as outstanding professional and
managed services. March Networks systems are delivered through an
extensive distribution and partner network in more than 50 countries.
For more information, please visit http://www.marchnetworks.com.
About Infinova
With solutions that enable end-users to extend the life of their
existing analog equipment by having it co-exist with their new IP video
equipment, Infinova provides megapixel, IP and analog surveillance
cameras, specialized cameras, core equipment for video control rooms,
fiber optic communications, access control products and customized
systems. Infinova is acknowledged for its exceptional customer service
programs and as "the Integrator's Manufacturer." Infinova has provided
security solutions for major projects including the Port of Miami,
Shanghai 2010 World Expo, the Panama Canal, Italy's AutovieVenete
Motorway, the Bangalore (India) toll surveillance system, Kuwait
International Airport, the 2010 Asian Games, the Los Angeles MTA and
many others.
Forward-Looking Statements
Certain statements included in this release constitute forward-looking
statements, including those identified by the expressions "expect",
"intend" and similar expressions to the extent they relate to March
Networks or its management. The forward-looking statements are not
historical facts but reflect March Networks' current assumptions and
expectations regarding future results or events. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from current
assumptions and expectations. The completion of the Arrangement is
subject to a number of terms and conditions, including required
regulatory approvals, as well as certain termination rights available
to the parties under the Arrangement Agreement. To the extent such
approvals are outstanding, they may not be obtained, the other
conditions to the transaction may not be satisfied in accordance with
their terms, and/or the parties to the Arrangement Agreement may
exercise their termination rights, in which case the Arrangement could
be modified, restructured or terminated, as applicable. Readers are
cautioned not to place undue reliance on forward-looking statements.
Actual developments may differ materially from those contemplated by
these statements depending on, among other things, the risks that the
parties will not proceed with the proposed transaction, that the
ultimate terms of the transaction will differ from those that are
currently contemplated, and that the transaction will not be
successfully completed for any reason (including the failure to obtain
any required approvals or satisfy other conditions). March Networks
does not intend, and disclaims any obligation, except as required by
law, to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
*MARCH NETWORKS, March Networks Command and the MARCH NETWORKS logo are
trademarks of March Networks Corporation. All other trademarks are the
property of their respective owners.
SOURCE MARCH NETWORKS CORPORATION
MARCH NETWORKS CORPORATION
CONTACT: Ken Taylor
Chief Financial Officer, March Networks
+1 613-591-8181
ktaylor@marchnetworks.com