VANCOUVER, June 2, 2017 /CNW/ - Norsat International Inc.
("Norsat" or the "Company") (TSX: NII and NYSE MKT: NSAT), a
provider of unique and customized communication solutions for
remote and challenging applications, today announced that further
to its news releases of September 19,
2016, March 17, 2017,
March 27, 2017, April 17, 2017, May 15,
2017, May 18, 2017,
May 25, 2017 and May 31, 2017, the Minister responsible for the
Investment Canada Act (the "Act") has served notice that there will
be no order for review of the transaction under subsection 25.3(1)
of the Act. Accordingly, this notice satisfies the Investment
Canada Act condition for closing of the acquisition of Norsat by
Hytera.
"The review of the proposed transaction under the Act has been
extensive and we are very pleased that the notice received has
removed a significant pre-condition to closing of the transaction,"
said Fabio Doninelli, Director and
Chairman of the Board.
Certain additional regulatory as well as securityholder
approvals are still required and if obtained, the transaction is
expected to close in the third quarter of 2017.
About Norsat International Inc.
Founded in 1977,
Norsat International Inc. is a provider of unique and customized
communication solutions for remote and challenging applications.
Norsat's products and services include leading-edge product design
and development, production, distribution and infield support and
service of fly-away satellite terminals, microwave components,
antennas, Radio Frequency (RF) conditioning products,
maritime-based satellite terminals and remote network connectivity
solutions. More information is available at www.norsat.com, via
email at investor@norsat.com or by phone at 1-604-821-2800.
Forward Looking Statements
The discussion and analysis
of this news release contains forward-looking statements concerning
anticipated developments in Norsat's operations in future periods,
the adequacy of its financial resources and other events or
conditions that may occur in the future. Forward-looking statements
are frequently, but not always, identified by words such as
"expects," "anticipates," "believes," "intends," "estimates,",
"predicts," "potential," "targeted," "plans," "possible" and
similar expressions, or statements that events, conditions or
results "will," "may," "could" or "should" occur or be achieved.
These forward-looking statements include, without limitation,
statements about the proposed acquisition by Hytera, the expected
closing date of the transaction, Norsat's market opportunities,
strategies, competition, expected activities and expenditures as it
pursues its business plan, the adequacy of available cash resources
and other statements about future events or results.
Forward-looking statements are statements about the future and are
inherently uncertain, and actual achievements of the Company or
other future events or conditions may differ materially from those
reflected in the forward-looking statements due to a variety of
risks, uncertainties and other factors, such as business and
economic risks and uncertainties. The forward-looking statements
are based on the beliefs, expectations and opinions of management
on the date the statements are made. Consequently, all
forward-looking statements made in this news release are qualified
by this cautionary statement and there can be no assurance that
actual results or anticipated developments will be realized. For
the reasons set forth above, investors should not place undue
reliance on forward-looking statements. These forward-looking
statements are made as of the date of this news release and Norsat
assumes no obligation to update or revise them to reflect new
events or circumstances, other than as required by law.
SOURCE Norsat International Inc.