VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/21/13 -- OneMove Technologies Inc. ("OneMove" or the "Company") (TSX VENTURE: OM), wishes to inform its shareholders that 0962675 BC Ltd., a company reportedly wholly owned by Raymond Szeto (the "Competing Offeror"), announced in a press release today that it will not be pursuing its take-over offer of $0.50 per OneMove share to the shareholders of OneMove (the "Proposed Competing Offer") as was suggested in the Competing Offeror's press release dated February 18, 2013.
The OneMove shares continue to be the subject of a take-over bid offer (the "Plantro Offer") of $0.425 per OneMove share by 0955662 B.C. Ltd., a wholly-owned subsidiary of Plantro Ltd. ("Plantro"), which is controlled by Matthew Proud. It continues to be the recommendation of OneMove's Special Committee that OneMove shareholders accept the Plantro Offer and tender their shares to the Plantro Offer.
To note, Mr. Szeto handled investor relations for OneMove under the tenure of Martin Johnson, the former CEO of OneMove. It has come to OneMove's attention that Mr. Johnson was involved with the Proposed Competing Offer. In view of this information and the fact that OneMove had not seen any formal offer from the Competing Offeror or evidence of the Competing Offeror's ability to finance the Competing Offer, the Special Committee was unable to fully assess the credibility of the Competing Offer in any event.
OneMove firmly denies the allegations made by 0962675 BC Ltd. in today's press release that the financial position of the Company was obfuscated. As disclosed in the take-over bid circular for the Plantro Offer, the Special Committee engaged MNP LLP ("MNP") to prepare an independent valuation which concluded that, as at December 31, 2012, subject to the assumptions, limitations, and qualifications contained in the valuation, the fair market value of the OneMove shares is in the range of $0.34 to $0.43 per share.
OneMove is of the view that the market price of the OneMove shares before the announcement of the Plantro Offer reflected the well known decline in real estate transactions in British Columbia of 17% and 27% in November and December respectively vs year ago and the consequential impact on the Company's business and its financial condition, which conditions continue.
The Special Committee wishes to remind shareholders of OneMove that the deadline for the Plantro Offer is today, February 21, 2013, at 11:59 p.m. (PST). Based on information currently available to OneMove, the recommendation of the Special Committee to OneMove shareholders to accept the Plantro Offer and tender their shares to the Plantro Offer stands and shareholders are advised to do so before the indicated deadline for the Plantro Offer.
About OneMove Technologies Inc.
OneMove Technologies Inc. (TSX VENTURE: OM) is the leading provider of web-based real estate transaction platforms and the creator of the largest and fastest growing online community of conveyancing professionals. Through econveyance, its proprietary web-based conveyancing software solution, OneMove simplifies and expedites the process of buying and selling real estate. Econveyance connects all participants in the property transfer process, offering a secure and efficient means of completing the transaction online. Additional information about OneMove can be found at www.onemovetech.com or www.sedar.com. Professional users site www.econveyance.com.
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 OneMove Technologies Inc. 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.
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