Momentum Advanced Solutions Inc.
TSX : WWW

Momentum Advanced Solutions Inc.

May 01, 2009 14:57 ET

Momentum Closes Going-Private Transaction

MARKHAM, ONTARIO--(Marketwire - May 1, 2009) - Momentum Advanced Solutions Inc. (TSX:WWW), ("Momentum" or the "Company"), announced today that it has closed its previously announced arrangement whereby companies controlled by Sheldon Pollack and Phillip De Leon, the Chief Executive Officer and President, respectively, of Momentum, have acquired all of the common shares of Momentum not owned by them, for $0.22 per share.

It is expected that the common shares of Momentum will be de-listed from the Toronto Stock Exchange at the close of trading on Monday May 4, 2009 and Momentum will make an application to the Canadian securities regulatory authorities for an order that Momentum will no longer be a reporting issuer (or equivalent) under applicable Canadian securities laws.

Forward Looking Statement

This press release contains forward-looking information. All forward-looking information is based on management's best estimates and the current operating environment. Forward-looking information typically contains words such as "anticipate", "believe", "should", "may", "expect", "intend", "plan" or similar words suggesting future outcomes. These statements are based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information, including Momentum's perception of historical trends, current conditions and expected future developments as well as other factors management believes are appropriate in the circumstances.

Such forward-looking information is as of the date hereof and is subject to a number of known and unknown risks, uncertainties and other factors which could cause actual results or events to differ materially from future results or events expressed, anticipated or implied by such forward-looking information. Therefore, actual outcomes and results may differ materially from those expressed in such forward-looking information. Readers are cautioned that such information may not be appropriate for other purposes. Other than as may be required by law, Momentum disclaims any intention or obligation to update or revise any such forward-looking information, whether as a result of new information, future events or otherwise.

About Momentum Advanced Solutions Inc.

Momentum is a leader in Web outsourcing services. Its solutions provide customers with the innovation, integration, and operational expertise needed to reduce costs and/or improve productivity by outsourcing their mission critical, web-based applications and infrastructure to Momentum. Headquartered in Markham, Ontario, Momentum has offices in Ottawa, Windsor, Calgary and Toronto.

Contact Information