Gerber Scientific Reaffirms Commitment to Acquire Virtek Vision International, Inc.
Wed Oct 8, 8:59 AM
SOUTH WINDSOR, Conn., Oct. 8 /PRNewswire-FirstCall/ -- Gerber Scientific, Inc. (NYSE: GRB) ("Gerber") today reaffirms its offer to acquire, through a wholly owned Canadian subsidiary, all of the outstanding shares of Virtek Vision International, Inc. (TSX: VRK.TO) ("Virtek"), a leading provider of high value industrial laser solutions, for C$1.05 per share in cash.
The Board of Directors of Virtek unanimously supports the Gerber offer and recommends to Virtek's shareholders that they accept it. Gerber's take-over bid circular containing details of the transaction was mailed to Virtek's shareholders on September 15, 2008, along with a directors' circular of Virtek. The deadline for Virtek shareholders to tender their shares to Gerber's offer is October 21, 2008. The acquisition is fully financed and will be funded through Gerber's existing $125 million line of credit.
Marc T. Giles, President and CEO of Gerber Scientific, Inc., stated, "Even in these turbulent economic times, we are committed to follow through on our full, fair and final offer for Virtek at our stated price. We believe this transaction is in the best interest of Virtek's shareholders, employees and customers, and we encourage all of Virtek's shareholders to tender their shares prior to the deadline."
Jaguar Financial Corporation (TSX: JFC.TO) ("Jaguar") announced on September 15, 2008 that it intended to make an offer to acquire all Virtek common shares not already owned by Jaguar for cash consideration of C$1.12 per share, commencing on or about September 30, 2008. To date, no formal offer has been made by Jaguar for Virtek's common shares and Virtek has stated that Jaguar has not accepted Virtek's invitation to conduct due diligence of Virtek's non-public information. Gerber does not believe that Jaguar will make an offer for Virtek's common shares. According to public reports, Jaguar owns 19.9% of Virtek's outstanding common shares.
Gerber's offer is subject to various conditions that must be satisfied prior to take-up and payment by Gerber, including, but not limited to, the valid deposit of not less than 66-2/3% of the outstanding common shares of Virtek (on a fully diluted basis). In the absence of other formal offers, Gerber encourages shareholders to tender their shares by October 21, 2008. Unless 66-2/3% of Virtek's common shares (on a fully diluted basis) are tendered, Gerber's offer will expire and no transaction with Gerber will occur.
Enquiries concerning the Gerber offer should be directed to Gerber's information agent Kingsdale Shareholder Services Inc., toll free at 1-800-775-1986.
About Gerber Scientific, Inc.
Gerber Scientific, Inc. (http://www.gerberscientific.com) is a leading international supplier of sophisticated automated manufacturing systems for sign making, specialty graphics and packaging, apparel and flexible materials, and ophthalmic lens processing. Headquartered in South Windsor, Connecticut, the company operates through four businesses: Gerber Scientific Products and Spandex Ltd., Gerber Technology, and Gerber Coburn.
Forward-looking Statements:
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contained in this news release involve risks and uncertainties regarding the Company's expected financial condition, results of operations and cash flows. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, readers are referred to the Company's filings with the Securities and Exchange Commission, including but not limited to, the information included in Gerber Scientific's Annual Report on Form 10-K for the fiscal year ended April 30, 2008, which outlines certain important risks regarding the Company's forward-looking statements, as well as information included in subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Actual future results or events may differ materially from these forward-looking statements. The forward-looking statements contained in this release are made as of the date of this release and the Company expressly disclaims any obligation to update any of these forward-looking statements, except as required by law.
SOURCE Gerber Scientific, Inc.



