SAMSys Announces Termination of Joint Venture with BTG
Company: SAMSys Technologies Inc.
Stock Symbol: SMY
Listing: TSX
Outstanding Shares: 47.8 Million
Web Site: www.samsys.com
TORONTO, June 9 /CNW/ - SAMSys Technologies Inc. (SMY:TSX) ("SAMSys" or
the "Company"), a world leading provider of radio frequency identification
("RFID") hardware solutions and RFID integration consulting services, today
announced that it has terminated its joint venture with BTG International
Limited ("BTG"), a principal shareholder of the Company.
The U.K.-based joint venture, called RFIP Solutions Limited ("RFIP
Solutions"), was created in the Spring of 2002 when BTG made its initial
investment in SAMSys to develop technologies in the Ultra High Frequency
segment of the RFID market. In connection with the joint venture, SAMSys
issued to BTG 2.5 million convertible special shares that were convertible
into common shares if RFIP Solutions achieved certain technical milestones no
later than May 31, 2005. The technical milestones were not met by such date
and SAMSys and BTG mutually agreed to terminate the joint venture.
Pursuant to the termination agreement, SAMSys will pay GB pnds stlg
69,532.33 or approximately $163,000CAD to satisfy all of its remaining
financial obligations to the joint venture and on June 10, 2005 will redeem
all 2.5 million convertible shares for an aggregate redemption price of $250.
In addition to the existing Supertag licensing agreement whereby BTG
non-exclusively licensed SAMSys to make, use and sell products based on the
core Supertag technology, BTG will also grant SAMSys a worldwide, royalty-
free, non-exclusive licence to the Fast Supertag Patents - developed within
the joint venture - with no sub-licensing rights. The licence is to be granted
for the sole purpose of enabling SAMSys to make and sell its proprietary
readers for use with chips developed under a licence to use the Fast Supertag
invention
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