Norsat Announces Receipt of New Indication of Interest
VANCOUVER, March 17, 2017 /PRNewswire/ - Norsat International Inc. ("Norsat" or the "Company") (TSX: NII and NYSE MKT: NSAT), a provider of unique and customized communication solutions for remote and challenging applications, today announced that further to its news release of September 19, 2016, it has recently received a new indication of interest from Privet Fund Management LLP ("Privet"). Privet has provided a non-binding letter of interest to acquire the Company for cash consideration of US$10.25 per share subject to due diligence, financing, the completion of a definitive agreement and other conditions.
The Board, together with the Company's financial advisors and legal counsel, has been reviewing various strategic alternatives and opportunities to maximize value for shareholders. The Board will consider and evaluate the non-binding indication of interest from Privet as part of this ongoing process.
There can be no assurance that a transaction will be completed. The Company does not intend to make any further announcements regarding a potential sale unless and until the Board has approved a specific transaction or other course of action requiring disclosure.
About Norsat International Inc.
Founded in 1977, Norsat International Inc. is a leading provider of innovative communication solutions that enable the transmission of data, audio and video for remote and challenging applications. Norsat's products and services include leading-edge product design and development, production, distribution and infield support and service of fly-away satellite terminals, microwave components, antennas, Radio Frequency (RF) conditioning products, maritime based satellite terminals and remote network connectivity solutions. More information is available at www.norsat.com, via email at [email protected] or by phone at 1-604-821-2800.
Forward Looking Statements
The discussion and analysis of this news release contains forward-looking statements concerning anticipated developments in Norsat's operations in future periods, the adequacy of its financial resources and other events or conditions that may occur in the future. Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "intends," "estimates,", "predicts," "potential," "targeted," "plans," "possible" and similar expressions, or statements that events, conditions or results "will," "may," "could" or "should" occur or be achieved. In addition to statements about the expression of interest from Privet and a possible sale, these forward-looking statements include, without limitation, statements about Norsat's market opportunities, strategies, competition, expected activities and expenditures as it pursues its business plan, the adequacy of available cash resources and other statements about future events or results. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, such as business and economic risks and uncertainties. The forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance that actual results or anticipated developments will be realized. For the reasons set forth above, investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this news release and Norsat assumes no obligation to update or revise them to reflect new events or circumstances, other than as required by law.
SOURCE Norsat International Inc.
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