TORONTO Y GatineauQA, November 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 the strategic alternatives that may be available to the Company to unlock shareholder value. The Special Committee will be chaired by brian phillipsPrincipal Independent Director and includes darlene kellyChairman of the Audit Committee and Ralph GarciaChairman of the Compensation Committee.
In response to the expressions of interest the Company has received, 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,” he said. Shaun MaineConverge CEO.
There can be no guarantee that this process will lead to the approval or completion of any transaction. The Company does not intend to provide any updates regarding this process unless and until its Board of Directors approves a specific transaction or concludes its review of strategic alternatives.
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable Canadian securities law with respect to Converge and its business. Any statement involving discussions regarding 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”, “budgets”, “programs”, “forecasts”, “estimates” “, “believes” or “intends” or variations of such words and phrases or asserting 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 on a number of estimates and assumptions that, while considered reasonable by the Company, are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Except as required by law, Converge does not undertake any obligation to update forward-looking statements of beliefs, opinions, projections or other factors, should they change. The reader is cautioned not to place undue reliance on any 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 Information Form. most recent Annual Report, its Management Discussion and Analysis, and its Annual and Quarterly Financial Statements.
Converge Technology Solutions Corp. is a software-based, service-based cloud and IT 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 for clients across diverse industries. The company supports these solutions with consulting, implementation, and managed services expertise across all of the major IT vendors in the market. This multifaceted 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.
SOURCE Converge Technology Solutions Corp.