SOFTFUND CAPITAL PARTNERS INC. REVIEW OF SALE OF MASTERSOLUTIONS SOFTWARE INC.
VANCOUVER, British Columbia, June 22 /PRNewswire/ -- On June 1, 1993, the shareholders of SoftFUND (Vancouver: SSF) received a takeover bid circular from Equity Investments Corp. ("EQI") in respect of an offer to purchase all of the issued and outstanding common shares of SoftFUND, on the basis of one series 2 preferred share of EQI for each two common shares of SoftFUND. SoftFUND retained Haywood Securities Inc. ("Haywood") investment dealers, to act as financial advisors and, specifically, to provide an independent recommendation as to the fairness, from a financial point of view, to the shareholders of SoftFUND, of the EQI offer. Haywood was also asked to review and comment on Peat Marwick Thorne's Valuation of EQI and SoftFUND's shares prepared for EQI. Haywood, by Fairness Opinion dated June 10, 1993, stated that the offer is fair from a financial point of view to the shareholders of SoftFUND. After careful consideration, and the implementation of independent due diligence procedures, the board of directors of SoftFUND, by news release dated June 14, 1993, recommended that the holders of common shares of SoftFUND accept the EQI offer. On June 17, 1993, the company ("SoftFUND") announced its acceptance of an offer from a private company ("purchaser"), to acquire all of the common shares of MASTERSolutions Software Inc. ("MASTERSolutions"). SoftFUND will exchange its 40 percent equity interest in MASTERSolutions, for 40 percent of the issued and outstanding redeemable preferred shares of the purchaser. After receiving the MASTERSolutions offer, Haywood was asked by SoftFUND, to comment as to whether the transaction would affect the conclusions of their Fairness Opinion. Haywood, after their review, have stated that nothing has come to their attention which would require them to revise or qualify the conclusions of the Fairness Opinion. Timely response to the EQI Offer is imperative. To participate in the offer, the SoftFUND shares must be delivered prior to midnight PDT, June 23, 1993. It is important that the acceptance letter that was sent with the takeover bid circular be completed and returned. SoftFUND is an investment company that specializes in funding developed software, particularly in the emerging communications field of wireless packet data, serving today's mobile world. Management at SoftFUND is committed to "Building A Wireless Future." -0- 6/22/93 /CONTACT: Peter Bradshaw, chairman, or Rooky Driver, executive assistant to the chairman, of SoftFUND Capital Partners, 604-682-1400/ (SSF.)
CO: SoftFUND Capital Partners Inc.; MASTERSolutions Software Inc. ST: British Columbia IN: CPR FIN SU: TNM
JL-BP -- LA007 -- 4331 06/22/93 07:40 EDT
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|Date:||Jun 22, 1993|
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