Solium Capital Inc.

Solium Capital Inc.

April 03, 2012 19:33 ET

Solium Capital Inc. Announces Termination of Payment Obligations to Computershare Limited

CALGARY, ALBERTA--(Marketwire - April 3, 2012) - Solium Capital Inc. ("Solium" or the "Corporation") (TSX:SUM) announces that it received notice today from Computershare Limited ("Computershare") that Computershare has decided to retain the stock options and restricted stock administration business that it acquired on December 31, 2011 from a third party. These assets were acquired by Computershare as part of a larger acquisition of such third party's Shareowner Services business.

The Asset Purchase Agreement dated November 7, 2010 between Solium and Computershare in which Solium acquired the assets that Computershare then held relating to the Employee Equity Options Administration business in North America (the Business) provides that Computershare must not re-enter the Business, or alternatively if Computershare does so, certain payment obligations owed by Solium to Computershare under a transition services agreement would no longer be owing and cease to be a liability of Solium. Under the transition services agreement, Solium was required to pay Computershare U.S.$22 million over a five year period. Due to Computershare electing to re-enter the Business on a direct basis, Solium no longer owes to Computershare an aggregate amount of approximately U.S.$17.28 million, which equates to $0.41 per share (on a basic basis).

About Solium Capital Inc.

Solium Capital Inc. (TSX:SUM) is a SaaS (Software as-a-Service) company that specializes in technology and services for the administration and execution of equity-based incentive and savings programs for corporations and their employees. Solium's technology platforms, Shareworks, StockVantage and Transcentive, are leading online solutions that integrate the management of multiple equity plan types including stock options, share units, share appreciation rights, restricted stock awards, and employee share purchase plans on one comprehensive platform for a client.

Certain statements included or incorporated by reference in this press release constitute forward-looking statements or forward-looking information under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. The forward-looking statements or information in this press release include expectations regarding future cash and working capital; and the timing and the completion of various events. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things, compliance by Computershare with the terms of the Asset Purchase Agreement dated November 7, 2010 between Solium and Computershare. Although the Corporation believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements or information because the Corporation can give no assurance that such expectations will prove to be correct. The forward-looking statements and information are based on Solium's current expectations, estimates and projections, and are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Contact Information

  • Solium Capital Inc.
    Mike Broadfoot
    CEO and Managing Director
    (403) 515-3910 or (877) 380-7793

    Solium Capital Inc.
    Lynn Leong
    EVP, Finance & Admin
    (403) 450-6015 or (877) 380-7793