Saratoga Electronic Solutions Inc.

Saratoga Electronic Solutions Inc.

October 08, 2010 13:37 ET

Saratoga Exploring Strategic Alternatives

MONTREAL, QUEBEC--(Marketwire - Oct. 8, 2010) - Saratoga Electronic Solutions Inc. (the "Corporation") (TSX VENTURE:SAR) announced today that its Board of Directors has initiated a process to explore and consider possible strategic alternatives for enhancing shareholder value, including a possible sale of the Corporation. A Special Committee of the Board of Directors has been formed in order to oversee this process and KPMG Corporate Finance Inc. has been retained as the Corporation's financial advisor to assists and advise in this process.

The Corporation has not set a definitive timetable for completion of its evaluation and there can be no assurance that this process will lead to the approval or completion of any definitive agreement or other transaction. Saratoga does not intend to disclose developments regarding this process unless and until its Board of Directors approves a specific transaction or otherwise concludes the review of strategic alternatives.

The Corporation

The Corporation has two principal lines of business: automatic teller machine ("ATMs") and prepaid products. Through its subsidiary Saratoga ATM Corporation Inc., the Corporation places and operates a network of ATMs in Eastern Canada. Through its subsidiary Car-Tel Distributions Inc., the Corporation distributes to consumers point-of- sale activated prepaid cellular telephone PINs and long distance calling cards, and offers to retailers a variety of electronic gift card solutions.

Forward-Looking Statements

This news release contains certain forward-looking statements concerning our future operations, economic performance and financial condition. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks, uncertainties and assumptions. Consequently, all of the forward-looking statements in this news release are qualified by these cautionary statements, and there can be no assurance as to the Corporation's ability to enter into or consummate a transaction as a result of the exploration and consideration of possible strategic alternatives or as to the Corporation's ability to enhance shareholder value through this process. There can be no assurance that the results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us and our subsidiaries or their business or operations. We undertake no obligation and do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.

Contact Information

  • Saratoga Electronic Solutions Inc.
    Mr. Georges Durst
    President and Chief Executive Officer