Premier Tech

Premier Tech

December 01, 2006 11:12 ET

Shareholders of Premier Tech Approve Merger Transaction

RIVIERE-DU-LOUP, QUEBEC--(CCNMatthews - Dec. 1, 2006) - Premier Tech Ltd ("Premier Tech") (TSX:PLT.A) announced today that its shareholders approved the merger transaction involving Premier Tech and 4385977 Canada Inc. The latter was constituted by Gestion Bernard Belanger ltee and the Privatization Group composed of certain officers of Premier Tech, with the purpose of privatizing Premier Tech.

After the effective date of the merger, shareholders of Premier Tech, other than the Privatization Group members, will receive CA$3.00 in cash for each subordinated voting share and for each multiple voting share of Premier Tech. As for the Privatization Group members, they will receive common shares of the amalgamated company.

At a special meeting of the Premier Tech shareholders held today, the resolution approving the merger transaction was approved by more than 99% of the votes cast by the Premier Tech minority shareholders. Approval of the merger by the Premier Tech shareholders satisfies the main condition to be met for the conclusion of the privatization. The closing of the privatization transaction is expected to occur on or around March 1, 2007.

Corporate Profile

For more than 80 years, Premier Tech has been building its know-how and reputation on the various technology-oriented opportunities offered by sphagnum peat moss, an abundant natural resource in Canada. Its seven business units, gathered in three groups - Horticulture and Agriculture, Industrial Equipment and Environmental Technologies - have the mission to become technological and commercial leaders in their respective fields of expertise. Buoyed by a multidisciplinary team of over 1 500 people based in America, Europe and Asia, Premier Tech is building on the development of its personnel, on innovation, research and development, and on the introduction of value-added products. Its strategic approach is supported by ongoing worldwide market development efforts. Premier Tech shares are listed on the Toronto Stock Exchange, in Canada, under the symbol PTL.A.

Contact Information

  • Premier Tech
    Lynn Maurais
    Executive Assistant
    418-867-8883, Ext. 6336
    418-867-8297 (FAX)