TORONTO, Feb. 14, 2017 /CNW/ - Callidus Capital
Corporation (TSX:CBL) ("Callidus" or the "Company") today provided
an update on the process to explore privatization of the Company
(the "Process").
"The level of interest in the business has met our expectations
- 17 parties were approved to enter into non-disclosure agreements
and participated in the initial stage of the Process." commented
Newton Glassman, Executive Chairman
and CEO of Callidus. "We expect to continue the dialogue with
a smaller number of interested parties in the next stage of the
Process, which will focus on the consideration of transaction and
operational structures proposed by interested parties while
ensuring the previously disclosed minimum valuation threshold
remains in place."
Goldman, Sachs & Co. is acting as Financial Advisor and is
leading the Process for the Company. The Process remains on
schedule to be completed by the end of the second quarter of
2017. Material updates will be provided as they occur.
As is typical of any process prior to a final and definitive
agreement, there can be no certainty that a transaction will be
concluded, what price may be offered or accepted, or if the Process
will be concluded on the current timeline. Catalyst Capital Group
Inc., which manages funds that own approximately 67% of the issued
and outstanding shares of Callidus, remains committed to completing
a transaction on terms that will ensure the continued protection of
the interests of its public shareholders.
This press release is for information purposes only and is not
an offer to buy or the solicitation of an offer to sell any
Shares.
Forward-Looking Statements
This press release contains forward-looking statements. Such
forward-looking statements involve a number of risks and
uncertainties. Although Callidus believes these statements to be
reasonable, the assumptions upon which they are based, including
the stability of capital market conditions, may prove to be
incorrect. Furthermore, the forward-looking statements contained in
this press release are made as at the date of this press release
and Callidus does not undertake any obligation to update publicly
or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.
About Callidus Capital Corporation
Established in 2003, Callidus Capital Corporation is a Canadian
company that specializes in innovative and creative financing
solutions for companies that are unable to obtain adequate
financing from conventional lending institutions. Unlike
conventional lending institutions who demand a long list of
covenants and make credit decisions based on cash flow and
projections, Callidus credit facilities have few, if any, covenants
and are based on the value of the borrower's assets, its enterprise
value and borrowing needs. Callidus employs a proprietary system of
monitoring collateral and exercising control over the cash inflow
and outflows of each borrower, enabling Callidus to very
effectively manage any risk of loss. Further information is
available on our website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation