TORONTO and GATINEAU, QC, Nov. 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 evaluation
of strategic alternatives that may be available to the Company to
unlock shareholder value. The Special Committee will be chaired by
Brian Phillips, Lead Independent
Director and includes Darlene Kelly,
Chair of Audit Committee and Ralph
Garcea, Chair of Compensation Committee.
In response to expressions of interest that have been 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 continuing to
operate as a public company.
"Our management team is fully aligned with the Board's decision
to explore strategic options to maximize shareholder value," said
Shaun Maine, Converge's Chief
Executive Officer.
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 with respect to this process unless
and until its Board of Directors approves a specific transaction or
otherwise concludes its review of strategic alternatives.
Forward-Looking Statements
This press release contains
certain "forward-looking information" and "forward-looking
statements" (collectively, "forward-looking statements")
within the meaning of applicable Canadian securities legislation
regarding Converge and its business. Any statement that involves
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions, future events or
performance (often but not always using phrases such as "expects",
or "does not expect", "is expected" "anticipates" or "does not
anticipate", "plans", "budget", "scheduled", "forecasts".
"estimates", "believes" or intends" or variations of such words and
phrases or stating that certain actions, events or results "may" or
"could, "would", "might" or "will" be taken to occur or be
achieved) are not statements of historical fact and may be
forward-looking statements. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while the Company considers reasonable, are subject to known and
unknown risks, uncertainties, and other factors which may cause the
actual results and future events to differ materially from those
expressed or implied by such forward-looking statements. Except as
required by law, Converge assumes no obligation to update the
forward-looking statements of beliefs, opinions, projections, or
other factors, should they change. The reader is 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, its Management Discussion and Analysis and its
Annual and Quarterly Financial Statements.
About Converge
Converge Technology Solutions Corp. is
a services-led, software-enabled, IT & Cloud Solutions provider
focused on delivering industry-leading solutions. Converge's global
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 advisory, implementation, and
managed services expertise across all major IT vendors in the
marketplace. This multi-faceted approach enables Converge to
address the unique business and technology requirements for all
clients in the public and private sectors. For more information,
visit convergetp.com.
Converge Technology Solutions Corp., Email:
investors@convergetp.com, Phone: 416-360-1495
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