Intelligent Systems Corporation Announces Preliminary Results of Its Tender Offer
May 20 2015 - 7:30AM
Intelligent Systems Corporation (NYSE MKT:INS)
(the "Company") today announced the preliminary results of its
modified "Dutch auction" tender offer, which expired at 12:00
Midnight, New York City Time, on May 19, 2015.
Based on the preliminary analysis by the depositary, an
aggregate of 230,729 shares were properly tendered and not
withdrawn, including shares that were tendered through notice of
guaranteed delivery, at prices at or below $3.00 per share.
Accordingly, pursuant to the terms of the Offer to Purchase, the
Letter of Transmittal and applicable securities laws, the Company
expects to accept for payment up to an aggregate of 230,729 shares
of its common stock at a purchase price of $3.00 per share.
The tender offer was made pursuant to an Offer to Purchase and
Letter of Transmittal, each dated April 22, 2015.
The number of shares to be purchased in the tender offer and the
price per share are preliminary. The determination of the final
number of shares to be purchased is subject to confirmation by the
depositary of the proper delivery of the shares properly tendered
and not withdrawn. The actual number and percentage of
outstanding shares properly tendered and not withdrawn, the final
price per share for shares purchased in the tender offer and the
number of shares of the Company's common stock that will be
outstanding after payment for the tendered shares will be announced
promptly following the completion of the confirmation
process. Payment for the shares accepted for purchase will
occur promptly thereafter. Payment for shares will be made in
cash, without interest.
The information agent for the offer is D.F. King & Co., Inc.
and the depositary for the offer is American Stock Transfer &
Trust Company, LLC. All questions and requests for information
about the offer should be directed to D.F. King & Co., Inc. at
(800) 499-8541.
About Intelligent Systems Corporation
For over thirty-five years, Intelligent Systems Corporation
(NYSE MKT:INS) has identified, created, operated and grown
technology companies. The Company's principal continuing
operations include CoreCard Software, Inc. (www.corecard.com) and
its affiliate companies. CoreCard designs, develops, and markets a
comprehensive suite of software solutions to corporations,
financial institutions, retailers and processors to manage their
credit and debit cards, prepaid cards, private label cards, fleet
cards, loyalty programs, and accounts receivable and small loan
transactions. CoreCard also offers prepaid and credit card
processing services using its proprietary software
solutions. Further information is available on the Company's
website at http://www.intelsys.com or by calling the Company at
770/381-2900.
CONTACT: Bonnie Herron, CFO
770-564-5504
bherron@intelsys.com
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