VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/21/13 -- 0962675 BC Ltd. (The Company), a privately owned company, today announced that it has been unable to agree on the conditions precedent with OneMove Technologies Inc. (OM) and therefore its proposed bid has been withdrawn and the Company will await the outcome of Plantro's (PL) current bid for control of OM.
Shareholder's response to the Company's bid was extremely positive and confirmed that numerous shareholders had recognized that, by normalizing earnings, the reports revealed OM produced its best financial results in its history during fiscal 2012; particularly Q4 of 2012 and also Q1 of fiscal 2013.
Despite 0962675 BC Ltd.'s proposed 18% premium over the only other bid, the Company was not afforded the time in which to respond to PL's offer within their self imposed deadline of February 21, 2013.
The Company's offer was subject to, but not limited to the following conditions:
1. The Company being able to acquire a minimum of 66 2/3% of the issued and outstanding shares of OM.2. The Company proposed to issue its formal bid within the time frame outlined in the PL offer, provided it could complete the necessary due diligence and preparation of the required regulatory documentation acceptable to the TSX Venture Exchange; whose approval was to be sought.3. The offer was an all cash offer and the Company has the resources to make such an offer.4. Originally the offer contained the request that the private placement financing announced on Thursday December 6th at $0.2625 and closed on Monday December 10th for 1.8 million units be cancelled as it was subscribed for by corporations controlled by then Chairman Matthew Proud's father and brother. Even though the price of this financing was at the lowest price ever, and announced closed by OM 4 days prior to the formal PL takeover bid at a 61% premium to the financing, the Company agreed to waive this requirement. It should be noted that the unit financing also granted the purchasers a board seat and were accompanied by the lowest priced warrants with the longest term (5 years) in the history of the company.
The Company believes that the true financial position of OM was obfuscated in order to keep the OM share price at historic lows and that its offer more accurately reflected the underlying value of OM and therefore will not support the PL bid.
About 0962675 BC Ltd.:
The Company is a private company incorporated under the laws of British Columbia and its sole shareholder is Raymond Szeto.
Forward Looking Statements
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and 0962675 BC Ltd. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
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.
0962675 BC Ltd.