Alan Werba Acquisition Corp.

March 13, 2007 19:51 ET

Alan Werba Acquisition Corp.

SAN JOSE, CALIFORNIA--(CCNMatthews - March 13, 2007) - Alan Werba Acquisition Corp. ("AWAC"), a corporation controlled by Eli Reinhard and Alan Werba, announced today that it will be submitting a letter to the Special Committee of the Board of Directors of Loring Ward International Ltd. ("Loring Ward") notifying the committee that AWAC intends to make a bid to acquire all of the outstanding common shares of Loring Ward at a price of Cdn$12.00 per share. The making of the bid shall be subject to the following: AWAC and its advisors obtaining access to Loring Ward's data room for purposes of becoming satisfied with tax and financial planning due diligence; the Board of Directors waiving Loring Ward's shareholder rights plan; and, AWAC receiving the support of Loring Ward and certain key shareholders of Loring Ward for the bid, which shall include such parties entering into agreements with AWAC to that effect.

AWAC, together with Eli Reinhard and Alan Werba, with whom AWAC is acting jointly and in concert, owns 1,686,995 common shares of Loring Ward, representing 18.7% of the outstanding float.

Contact Information

  • Alan Werba Acquisition Corp.
    Alan Werba
    (408) 260-3109