Logibec Groupe Informatique Ltd.

Logibec Groupe Informatique Ltd.

July 05, 2005 14:37 ET

Logibec Announces Merger of MDI Technologies, Inc. Into LGI Acquisition, Inc.

MONTREAL, QUEBEC--(CCNMatthews - July 5, 2005) - Logibec Groupe Informatique Ltd. (TSX:LGI) ("Logibec") announced today that it has completed its acquisition of all of the outstanding common shares ("MDI Shares") of MDI Technologies, Inc. ("MDI"). MDI has become a wholly-owned subsidiary of Logibec as a result of the merger of MDI with and into Logibec's wholly-owned subsidiary, LGI Acquisition, Inc. ("LGIA"), pursuant to the laws of the State of Delaware (the "Merger"). The Merger was completed on June 30, 2005 and, in connection with the Merger, LGIA changed its name to "MDI Technologies, Inc." Under the terms of the Merger, each MDI Share outstanding immediately prior to the effective time of the Merger (except for those shares owned by Logibec or its subsidiaries or by shareholders exercising appraisal rights) was converted into the right to receive US$2.60 per share in cash, without interest.

Logibec will mail as soon as possible a notice regarding the Merger and a Letter of Transmittal to all registered and beneficial holders of MDI Shares immediately prior to the Merger. Former holders of MDI Shares must surrender the certificate representing their MDI Shares together with a competed and duly executed Letter of Transmittal in order to receive payment for their MDI Shares.

The MDI Shares will be delisted from the TSX Venture Exchange effective at the close of trading on July 14, 2005.


LOGIBEC is among the ten largest Canadian companies specializing in the development, marketing, implementation and support of information systems for the health and social services sector. Over 400 health organizations use its products and services delivered by an experienced team of employees that numbered over 200 as of June 30, 2005. The Company has its head office in Montreal as well as offices in Quebec City and Edmonton.

This press release contains forward-looking statements reflecting Logibec Groupe Informatique Ltd. objectives, estimates and expectations. Such statements may be marked by the use of verbs such as "believe", "anticipate", "estimate" and "expect" as well as the use of the future or conditional tense. By their very nature, such statements involve risks and uncertainty. Actual results may differ significantly from the Company's forecasts or expectations.

The TSX accepts no responsibility for the truth or accuracy of this press release.

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