Trading Symbol: EXZ
Listing: TSX Venture Exchange
VANCOUVER, July 12 /PRNewswire-FirstCall/ - E-xact
Transactions Ltd. ("E-xact") has signed a letter of intent dated
June 23, 2010 regarding a proposed
merger of E-xact and Datadirect Holdings Ltd. ("Datadirect"), a
private US company owned by two directors of E-xact: Brian Archer and Peter
Fahlman.
In consideration of the merger, Datadirect will pay for each
outstanding E-xact share:
1. Either CDN $.40 per share with an immediate cash payment of $.15 per
share plus a vendor take back note in the principal amount of
CND $0.25 per share payable in cash over five years with interest at
8% per annum, in equal blended consecutive annual payments, subject
to the right of prepayment at any time without notice or bonus;
2. Or a stockholder can elect to receive an immediate cash payment of
CDN $0.28 per share.
Those stockholders who make no election will be paid CDN
$0.28 per share.
There are 11,108,667 shares issued and outstanding. The merger
is subject to approval of a formal agreement by: (i) E-xact
stockholders at a special general meeting, representing 50% plus 1
of the issued and outstanding shares which is 5,554,334 shares;
(ii) the TSX and regulatory approval Stockholders will be sent a
special general meeting circular providing the details of the
proposed merger. The circular will also include an independent
Fairness Opinion. The date and location of the special general
meeting will be announced later.
"K. Dieter Heidrich"
--------------------
K. Dieter Heidrich, Director
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
SOURCE E-xact Transactions Ltd.