TORONTO and GATINEAU, QC, May 9, 2023
/CNW/ - Converge Technology Solutions Corp. ("Converge" or
"the Company") (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF)
announced today that the Board of Directors of the Company (the
"Board") has concluded the Company's strategic review
process, first announced on November 22,
2022, which was overseen by a special committee of
independent directors of the Board (the "Special
Committee") with assistance from financial and legal
advisors.
While the Company received a number of proposals for
transactions involving the Company in the course of the strategic
review process, following a thorough review and evaluation of the
proposals and alternatives available to the Company, the Special
Committee concluded that none of such proposals would be in the
best interests of the Company. The Special Committee further
recommended that the Board endorse the Company's continued
execution of its business plans as an independent publicly held
company under the leadership of its Group Chief Executive Officer
Shaun Maine. The Special Committee's
recommendation has been accepted and endorsed by the Board.
Accordingly, the work of the Special Committee has been completed
and the Special Committee has been dissolved.
Forward-Looking
Statements
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.
About Converge
Converge Technology Solutions Corp. is a software-enabled IT
& Cloud Solutions provider focused on delivering
industry-leading solutions and services. Converge's global solution
approach delivers advanced analytics, application modernization,
cloud, 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.
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SOURCE Converge Technology Solutions Corp.