MDSI Shareholders Approve Vista Acquisition.RICHMOND, British Columbia This page is for the city of Richmond, British Columbia. For the federal electoral district in this locality see Richmond (electoral district); for the provincial electoral district see Richmond (provincial electoral district). -- MDSI MDSI Multiple (Destination) Digital Speech Interpolation MDSI Mobile Data Solutions Inc. MDSI Mountain Data Systems, Inc (Boise, Idaho) Mobile Data Solutions Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :MMD MMD Movement for Multiparty Democracy (Zambia) MMD Make My Day MMD Merchant Mariner Document MMD Myotonic Muscular Dystrophy MMD Myotonic Dystrophy MMD Mass Median Diameter MMD Metal Matrix Diaphragm )(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MDSI) - Company to seek final court approval September 21, 2005 MDSI Mobile Data Solutions Inc. ("MDSI") today announced that the proposed acquisition of MDSI by an investment vehicle managed by Vista Equity Partners ("Vista") has received the required approvals from MDSI shareholders. MDSI will seek final court approval for the transaction on September 21, 2005. If court approval is granted, the acquisition is expected to be completed on or about September 22, 2005, and MDSI's common shares would be delisted from the TSX and the NASDAQ National Market shortly thereafter. At the special meeting of MDSI shareholders held today, MDSI shareholders demonstrated strong support for the transaction. A total of approximately 93% percent of the votes cast by holders of MDSI common shares were in favour of the Arrangement Resolution, which approves the Plan of Arrangement giving effect to the Vista acquisition. According to Erik Dysthe, MDSI's President, Chief Executive Officer and Chairman, "MDSI's shareholders have joined MDSI's Board of Directors and management in showing overwhelming support for Vista's acquisition of the company. We are extremely pleased that MDSI can move forward with such a strong endorsement. As we have said before, it is anticipated that Vista will be able to help MDSI continue its product plans, grow internationally, and expand into additional vertical markets. While MDSI's business already generates cash, with the additional financial backing of Vista we will have access to more capital to pursue these strategies. MDSI will also avoid the significant costs of being a public company and can channel the savings into initiatives that are more strategic to its customers and its business." CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. Inc. provided financial advice and delivered a fairness opinion Fairness Opinion A report put together by qualified analysts or advisors providing to key decision makers an evaluation of and facts about a merger or acquisition. Notes: A fairness opinion serves as a document used for guidance in a merger, takeover, or acquisition. to MDSI in connection with the transaction, and Bear, Stearns & Co. Inc. acted as financial advisor to MDSI. Vista was advised on the transaction by SVB (Switched Video Broadcast) See switched video. Alliant. About Vista Equity Partners Vista Equity Partners currently invests $1 billion in capital committed to dynamic, successful technology-based organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support toward companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, visit www.vistaequitypartners.com. About MDSI MDSI is the largest, most successful and experienced provider of mobile workforce management software in the world. MDSI's software improves customer service and relationships and reduces operating costs by allowing companies to manage field resources more effectively. Headquartered in Richmond, British Columbia, Canada, MDSI was founded in 1993 and has approximately 325 employees. MDSI has operations and support offices in the United States, Canada, Europe, and Australia. MDSI services approximately 100 customers and has licensed more than 80,000 field service users around the world. MDSI is a public company traded on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (MMD) and on NASDAQ (MDSI). This press release contains forward-looking statements that involve risks and uncertainties concerning the proposed acquisition by Vista of MDSI. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties. Potential risks and uncertainties include, but are not limited to, the possibility that the transaction will not close due to the failure of one or more of the conditions to closing to be satisfied; the risk that the closing may be delayed; and other risks and uncertainties detailed in MDSI's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and quarterly report on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission. MDSI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. MDSI Mobile Data Solutions Inc. (TSX:MMD) (NASDAQ:MDSI) |
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