Copernic Offers to Purchase Fanotech Group
26 Mars 2010 - 9:48PM
Marketwired
Copernic Inc. ("Copernic") (NASDAQ: CNIC) has entered into a letter
of intent with Fanotech Manufacturing Group with respect to the
proposed acquisition by Copernic of the assets of Fanotech
Manufacturing Group comprised of Fanotech Enviro Inc., Fanotech
Waste Equipment Inc. and 1099958 Ontario Limited currently
operating as FanoCore. The purchase price of approximately CND$
3.5M. will be based on the Net Book Value as at March 31, 2010
estimated at CND$ 1.5M and 5 years of cumulative EBITDA estimated
at CND$ 2M. The purchase price will be payable with a combination
of cash in the approximate amount of CND$ 1.5M (subject to final
determination) and by the issuance to the vendor of 320,000 common
shares of Copernic at US$ 6.00 /share. The transaction is scheduled
to close at the end of the second quarter and is subject to the
receipt by Copernic of audited financial statements of Fanotech
Manufacturing Group, satisfactory due diligence and board,
shareholders and regulatory approvals.
"Fanotech is located in Northern Ontario and manufactures a wide
variety of both mobile and fixed solid waste handling equipment",
stated Marc Ferland, President and Chief Executive Officer of
Copernic. He further added that "with its underutilized
manufacturing facilities, union free workforce, and engineering
skills in metal fabrication, Fanotech represents important
synergies and strategic long term value for our previously
announced proposed acquisition of Sunbay Canada, a waste to energy
conversion business."
About Copernic Inc.
Copernic Inc. specializes in developing, marketing and selling
cutting-edge search technology, providing innovative home and
business software products and solutions for desktop, web and
mobile users, through its online properties, including
www.mycopernic.com and www.copernic.com. With its award winning
Copernic Desktop Search® software search engine product, the
Company brings the power of a sophisticated, yet easy-to-use search
engine to the user's PC.
More information can be found at www.copernic.com.
Statements contained in this press release, which are not
historical facts, are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and
uncertainties that can cause actual results to differ materially
from estimated results. Such risks and uncertainties are detailed
in the Company's filings with the Securities and Exchange
Commission and the Ontario Securities Commission. The Company
expressly disclaims an intent or obligation to update any
description of the scope, focus or subject matter of the statements
in this press release.
Contacts: Copernic Inc. Marc Ferland, President and Chief
Executive Officer Telephone Toll Free: 877-289-4682 #1013 Telephone
Local: 418-527-0528 #1013 mferland@copernic.com
www.copernic.com
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