Sierra Systems Group Inc.
TSX : SSG

Sierra Systems Group Inc.

January 05, 2007 16:36 ET

Golden Gate Capital Completes Acquisition of Sierra Systems Group Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 5, 2007) - Sierra Systems Group Inc. (TSX:SSG) announced today that Golden Gate Capital, through an affiliate, has completed its acquisition of all of the issued and outstanding common shares of Sierra pursuant to a plan of arrangement in an all-cash transaction valued at $9.25 per share.

Sierra shareholders representing more than 72% of all shares outstanding, and approximately 97% of all votes cast, voted in favour of the acquisition at the special meeting of shareholders held on December 12, 2006. The plan of arrangement received final court approval on December 13, 2006.

For shareholders who held their Sierra shares through a broker, the payment of the purchase price will be processed after the broker deposits the share certificates with CIBC Mellon Trust Company, the Depositary for the transaction, in accordance with the instructions in the letter of transmittal previously sent. For shareholders who held their Sierra shares in registered form, the payment of the purchase price will be processed after they deposit their share certificates with the Depositary in accordance with the instructions in the letter of transmittal previously sent. Any questions regarding payment of the purchase price, including any request for another form of letter of transmittal, should be directed to the Depositary via telephone at (800) 387-0825 or (416) 643-5500 or via email at inquiries@cibcmellon.com.

About Sierra Systems

Since 1966, Sierra Systems Group Inc. (TSX:SSG) has been improving the operational performance of our clients by delivering superior information technology and business consulting services. Through our extensive experience in Business Consulting, Solutions Delivery, and Managed Services, Sierra has emerged as a trusted advisor to many leading private and public sector organizations across North America. With offices in Austin, Calgary, Edmonton, Fredericton, Halifax, Hartford, Los Angeles, Olympia, Ottawa, Seattle, Toronto, Vancouver, Victoria, and Winnipeg, our consultants are never far from our clients. In Justice, Health, Government, and various other industries, Sierra continues to win exciting engagements in the face of stiff competition. Visit us at www.SierraSystems.com.

About Golden Gate Capital

Golden Gate Capital is a San Francisco-based private equity investment firm with approximately $2.8 billion of capital under management. Golden Gate Capital is dedicated to partnering with world-class management teams to invest in change-intensive, growth businesses. Golden Gate targets investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. The principals of Golden Gate Capital have a long and successful history of investing with management partners across a wide range of industries and transaction types. For more information, please visit www.goldengatecap.com.

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