Komunik Corporation

Komunik Corporation


September 07, 2007 18:00 ET

Globel Direct, Inc. Files Plan of Arrangement Sponsored by Komunik

MONTREAL, QUEBEC and CALGARY, ALBERTA--(Marketwire - Sept. 7, 2007) - Komunik Corporation ("Komunik") (TSX:KOM) and Globel Direct, Inc. ("Globel") (TSX VENTURE:GBD) announced that Globel is filing today its plan of arrangement to be proposed to Globel's creditors pursuant to the Companies Creditors Arrangement Act and Section 192(1) of the Business Corporations Act (Alberta) ("Plan of Arrangement") and the related notice of proceedings and disclosure statement ("Disclosure Statement") with the Court of Queen's Bench of Alberta (the "Court"). The Plan of Arrangement and Disclosure Statement together with the materials related to the meetings will also be mailed today to Globel's secured creditors ("Secured Creditors") and unsecured creditors ("Unsecured Creditors").

The meetings of Secured Creditors and Unsecured Creditors to vote on the Plan of Arrangement will be held respectively at 9:00 a.m. and 11:00 a.m. (Calgary Time), on October 3, 2007. Acceptance of the Plan requires that it be approved in a vote by a majority in number representing 66 2/3% of the value of the proven claims of each of the Secured Creditors as a group and of the Unsecured Creditors as a group, present and voting, either in person or by proxy, at the meetings of the Secured Creditors and the Unsecured Creditors. The Secured Creditors are required to vote in favour of the Plan of Arrangement pursuant to an order of the Court dated August 22, 2007. In addition, the implementation of the Plan of Arrangement is subject to applicable regulatory and Court approvals. Subject to the Plan of Arrangement being approved at the creditors' meetings, a hearing is expected to be conducted before the Court to sanction the Plan of Arrangement on October 5, 2007 at 1:00 p.m. (Calgary Time). The transaction is expected to close on or about October 12, 2007.

"This acquisition is a great investment in the enhancement of our coast-to-coast value proposition for our clients," said Mr. Alain Paquin, President and CEO of Komunik. "Our first priority will be to enable Globel to integrate its digital print expertise with interactive marketing, e-mail marketing, and multi-channel marketing automation. In bringing this established expertise to Globel, we thereby provide a more comprehensive offering of services to Globel's clientele - and we anticipate significant growth in western Canada as a result."

About Komunik Corporation

Komunik is a leading provider of end-to-end solutions for Communication Resource Management. Through innovation and a nation-wide infrastructure, Komunik helps its clients increase the return on their investment. Komunik develops best of class technology, and provides expertise and support for document Management, multi-channel relationship marketing and overall print services. For more information about Komunik visit www.komunik.com.

About Globel Direct

Globel is a leading provider of business communications solutions that help organizations inform, educate, service and attract customers more effectively and efficiently. The Company's solutions integrate its expertise in out-sourced marketing, billing, customer support and fulfillment with specialized equipment, proven technologies, and a multi-site delivery infrastructure that enables its clients to target the right audience, in the right format, at the right time and at the right price. For more information about Globel Direct visit www.globel.com.

Cautionary note about forward-looking statements

Some of the statements made in this release may constitute forward-looking information or statements within the meaning of securities laws. These statements are based on certain factors and assumptions, which Komunik and Globel believe are reasonable as of the current date. While Komunik and Globel consider these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Komunik and Globel caution that actual future performance could be affected by a number of factors, including technological change, regulatory change and competitive factors, many of which are beyond Komunik's and Globel's control. Therefore, future events and results may vary substantially from what Komunik and Globel currently foresee. While Komunik and Globel may elect to, they are under no obligation (and expressly disclaim any such obligation) and do not undertake to update or alter this information.

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