Momentum Advanced Solutions Inc.
TSX : WWW

Momentum Advanced Solutions Inc.

April 29, 2009 15:20 ET

Momentum Shareholders Approve Going-Private Transaction

MARKHAM, ONTARIO--(Marketwire - April 29, 2009) - Momentum Advanced Solutions Inc. (TSX:WWW), ("Momentum" or the "Company"), announced today that Momentum's shareholders have approved by special resolution, the previously announced arrangement whereby companies controlled by Sheldon Pollack and Phillip De Leon, the Chief Executive Officer and President, respectively, of Momentum, will acquire all of the common shares of Momentum not owned by them (the "Arrangement"). The Arrangement was approved by 99.1% of the votes cast by shareholders at the meeting, including 98.1% of the votes cast for purposes of the majority of the minority approval requirements of applicable securities laws. The Arrangement is expected to be effective on April 30, 2009 and will include the purchase of the Class B shares provided for under the Arrangement and remains subject to final approval of the court.

As soon as practicable following completion of the Arrangement, it is expected that all common shares of Momentum will be de-listed from the Toronto Stock Exchange. Additionally, Momentum intends to 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. Such factors may include but are not limited to, the ability of the parties to complete the subject transaction in the time period and upon the terms anticipated or at all which is dependent upon, among other things, the parties ability to comply with the closing conditions contained in the Agreement, many of which are beyond the control of Momentum, third parties interest in Momentum and its business, general economic conditions, the state of the capital markets, performance of the market sectors that Momentum and the parties with potential interest in acquiring or entering into a strategic transaction with Momentum serve and other risks detailed from time to time in Momentum's filings with securities regulators. 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. Momentum Advanced Solutions is publicly traded on the Toronto Stock Exchange and trades under the symbol WWW.

Contact Information