OTTAWA, April 27, 2012 /PRNewswire/ - March Networks® (TSX:MN) a global provider of intelligent IP video solutions, today announced that its court-approved arrangement with Infinova (Canada) Ltd. under the Canada Business Corporations Act (the "Arrangement") has closed. Under the Arrangement, Infinova (Canada) Ltd., an indirect wholly-owned Canadian subsidiary of Shenzhen Infinova Ltd., has acquired all of the issued and outstanding common shares of March Networks for C$5.00 per share in cash.
As previously announced, the Arrangement was approved by March Networks' shareholders at the special meeting held on March 20, 2012 (the "Special Meeting"). The Arrangement was also approved by the Ontario Superior Court of Justice (Commercial List) at a hearing held on March 23, 2012. With the closing of the transaction, March Networks' common shares are expected to be de-listed from the Toronto Stock Exchange effective the close of business on April 27, 2012, and March Networks will apply to Canadian securities regulators to cease to be a reporting issuer under applicable securities laws.
To the extent they have not already done so, registered shareholders of March Networks are encouraged to complete, sign and return a letter of transmittal along with the share certificates representing their common shares, so that payment can be sent to them as soon as possible. A letter of transmittal was sent to registered shareholders together with the materials relating to the Special Meeting. Instructions for completing and submitting letters of transmittal are contained in the letter of transmittal, which is also available on SEDAR at www.sedar.com. Registered shareholders who have previously submitted properly completed letters of transmittal and related share certificates will receive a cheque in payment for their shares directly from Computershare Investor Services Inc., the depositary for the Arrangement, as soon as possible. Shareholders who, prior to the closing, held common shares of March Networks through a broker, trustee, financial institution or other intermediary will receive payment through such intermediary and should contact their intermediaries if they have any questions.
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™ 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 www.marchnetworks.com.
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.
Certain statements included in this release constitute forward-looking statements, including those identified by the expressions "will", "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. Although March Networks believes that such assumptions and expectations are reasonable, there can be no assurance that they will prove to be correct. Actual results or events may cause the forward-looking statements to differ materially from management's current assumptions and expectations. Accordingly, readers are cautioned not to place undue reliance on any forward-looking statements contained in this release. 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