Wescam Inc - News Release
Wescam offers itself up for sale
Wescam Inc WSC
Shares issued 18,949,126 May 8 2002 close $6.100
Thursday May 9 2002 News Release
Mr. Mark Chamberlain reports
WESCAM RETAINS FINANCIAL ADVISORS TO PURSUE STRATEGIC ALTERNA ...
Wescam is pursuing a number of business alternatives, including the potential sale of the business, to maximize shareholder value. The company has engaged Quarterdeck Investment Partners, LLC, to assist management and the board of directors in achieving this goal.
"In light of the recent increase in U.S. defense budgets, the focus on ISR, and consolidation activity in the U.S. defense industry, Wescam's management and board of directors have been carefully assessing several avenues to generate shareholder value, including, but not limited to, organic growth, acquisitions, mergers, a U.S. listing or sale of all or part of the business," said Mark Chamberlain, president and chief executive officer, Wescam.
"In addition, we believe our current market valuation does not accurately reflect the strong value of our current business base and potential, particularly when compared to our peer group listed in the United States. As a result, we are pursuing alternatives to narrow that valuation gap," he concluded.
"During this process, the company remains committed to developing and supplying superior wireless visual information systems to its customers and responding to the continued strong request for proposal activity," he added.
There can be no assurance that the alternatives that the company may identify will increase shareholder value or that any transactions will be consummated.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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