Vancouver, British Columbia (April 10, 2017) – Apivio Systems Inc. (“Apivio” or the “Company”) (TSXV: APV) today provides an update on the offer from Nuri Telecom Company Limited (“Nuri”), to purchase all of the outstanding common shares of Apivio at a price of CAD$0.40 per share (the “Nuri Offer”). On Thursday April 6, 2017, Nuri announced that it had lowered the minimum tender condition to 50% of Apivio shares, indicating that Nuri is prepared to proceed with an acquisition of a simple majority of the shares of Apivio, less than the special majority required to complete an acquisition of the entire company.
The board of directors of Apivio (the “Board”) continues to believe that there are alternative transactions to the Nuri Offer that will provide greater value to Apivio shareholders. The Board is currently engaged with a party that has submitted a proposal for a transaction that places a value on the Company that is greater than is reflected in the Nuri Offer. The special committee of the Board is working to ensure that the alternative proposal can effectively be consummated as a transaction that provides superior value to shareholders and expects to provide an update shortly – well in advance of the time of expiry of the Nuri Offer.
Shareholders are advised NOT to tender their shares until receiving further communication from the Board.
Shareholders with questions are encouraged to call D. F. King in North America toll-free at 1-800-845-1507 (outside North America 1-201-806-7301) or via e-mail at email@example.com.
About Apivio Systems
Apivio Systems Inc. is a Canadian technology company principally engaged in the design, development, marketing, and sale of communications equipment and software. It has a wholly-owned Korean subsidiary with an established track record of supplying VoIP telephone equipment and other products to major Korean and international telecommunications carriers.
Apivio shares trade on the TSX Venture Exchange under the symbol “APV”. Electronic copies of our financial statements, press releases, and other public information are available on our website at www.apivio.com.
This press release has been prepared by Apivio Systems Inc. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact
President and Chief Executive Officer
D. F. King
1-800-845-1507 or 1-201-806-7301
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as “expects”, “projects”, “plans” and similar expressions, are forward-looking information that represents management of Apivio’s internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof, the economic performance of Apivio, information relating to conducting a strategic alternative process, and Apivio’s prospects for growth and shareholder value creation. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties, which may cause Apivio’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Apivio’s filings with the Canadian securities authorities. Accordingly, holders of Apivio shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted.