TORONTO and GATINEAUQC, November 22, 2022 /PRNewswire/ — Converge Technology Solutions Corp. (“Converge” or the Company“) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) announced that its board of directors has formed a special committee of independent directors (the “Special Committee“) to undertake, in consultation with its established financial and legal advisors, a review and assessment of strategic alternatives that may be available to the Company to unlock shareholder value. The Special Committee will be chaired by Brian PhillipsLead Independent Director and includes Darlene Kellychairman of the audit committee and Ralph Garceachairman of the compensation committee.
In response to expressions of interest received by the Company, the Special Committee will evaluate a full range of strategic alternatives, including a sale, merger, divestiture, recapitalization, other strategic transaction or continued operation in as an open society.
“Our management team is fully aligned with the board’s decision to explore strategic options to maximize shareholder value,” said Shaun MaineCEO of Converge.
There can be no assurance that this process will lead to the approval or completion of any transaction. The Company does not intend to provide any updates regarding this process unless and until its Board of Directors approves a specific transaction or otherwise concludes its review of strategic alternatives.
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable Canadian securities laws relating to Converge and its business. Any statements involving discussions of predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using expressions such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans” , “budget”, “planned”, “anticipates”, “estimates”, “believes” or intends” or variations of these words and expressions or indicating that certain actions, events or results “might” or “might” , “would”, “could” or “would” be expected to occur or be achieved) are not statements of historical fact. Forward-looking statements are necessarily based on a number of estimates and assumptions which, although the Company deems reasonable, are subject to known risks and t unknowns, uncertainties and other factors that could cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Except as required by law, Converge undertakes no obligation to update forward-looking statements of beliefs, opinions, projections or other factors, should they change. Readers are 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, MD&A, and annual and quarterly financial statements.
Converge Technology Solutions Corp. is a service- and software-driven IT and cloud solutions provider, focused on delivering industry-leading solutions. Converge’s comprehensive approach delivers advanced analytics, application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The company supports these solutions with expertise in consulting, implementation and managed services from all major IT vendors in the market. This multi-faceted approach enables Converge to meet the unique business and technology requirements of all public and private sector customers. For more information, visit convergetp.com.
Converge Technology Solutions Corp., Email: [email protected]Phone: 416-360-1495
SOURCE Converge Technology Solutions Corp.