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Thursday June 17, 9:44 am Eastern Time
Company Press Release
SOURCE: Hummingbird Communications Ltd.
Hummingbird Acquires 92 Percent of PC DOCS
TORONTO, June 17 /CNW-PRN/ - Hummingbird Communications Ltd. (TSE: ''HUM'' and NASDAQ: ''HUMCF'') and PC DOCS Group International Inc. (TSE: ''DXX'' and NASDAQ: ''DOCS'') are pleased to announce that all conditions to Hummingbird's Offer to acquire for cash all of the common shares of PC DOCS Group have been satisfied. Prior to the expiry of the Offer at 12:00 midnight on June 16, 1999, a total of 22,096,017 common shares were tendered to the Offer, 19,384,728 pursuant to letters of transmittal and 2,711,289 subject to guaranteed delivery, representing approximately 92.64% of the issued and outstanding common shares of PC DOCS. Hummingbird will proceed to take up and pay for the common shares as soon as practicable, and in any event within five business days.
Hummingbird intends to acquire the balance of the common shares of PC DOCS not tendered, pursuant to the compulsory acquisition provisions of the Business Corporations Act (Ontario) or other means, and will seek delisting of PC DOCS' common shares from The Toronto Stock Exchange and NASDAQ.
The acquisition of PC DOCS will put Hummingbird into a group comprising the largest software companies in the world with trailing revenues of US$240 million dollars. The combined users of Hummingbird and PC DOCS will number in excess of 2.5 million with a strong international presence and distribution capability.
Lehman Brothers Inc. and Merrill Lynch Canada Inc. were the financial advisors to Hummingbird. CIBC World Markets Inc. was the financial advisor to PC DOCS.
About Hummingbird Communications Ltd.
Hummingbird Communications Ltd. specializes in the development of enterprise software solutions, including network connectivity and business intelligence products that provide high-performance access to internetwork-based information and applications. Hummingbird is a worldwide leading vendor of enterprise connectivity software holding over 70% world market share in its connectivity market segment. Hummingbird products are sold and supported internationally by authorized resellers in more than 40 countries. The Company is headquartered in North York, Ontario, Canada, with offices strategically located throughout Canada and the United States, Australia, Switzerland, Germany, France, Italy, the Netherlands, Sweden, the United Kingdom and Mexico.
About PC DOCS Group International Inc.
PC DOCS Group and its subsidiaries, PC DOCS/Fulcrum, CMS/Data Corporation and CompInfo, Inc., develop, market and support object-oriented client/server and Internet Document Management systems. Knowledge Management systems and Financial and Case Management systems for professionals. The Company's customers include Fortune 1000 companies, financial institutions, healthcare providers, manufacturing, consumer products, communications and pharmaceutical companies, utilities, government agencies, the legal industry, and accounting and other professions in North America, Latin America, Europe, Australia and the Far East.
Forward-looking statements
Certain of the above statements are forward-looking statements which involve risks and uncertainties. Actual results could differ materially as a consequence of a number of factors, including: uncertainties relating to acquisitions, including operational disruptions, unexpected operating expenses and losses, and expenses associated with the integration of such acquisitions; fluctuations in the company's operating results due to product demand, length of the sales cycle, size and timing of individual customer transactions and similar matters; changes in the client/server application software market, including technology change, changes in customer requirements, frequent new product introductions by competitors and emerging standards; dependence of the company on the legal services market; reliance by the company on its third-party resellers; dependence on Hummingbird and PC DOCS key management; and other factors set forth in the Securities and Exchange Commission and Ontario Securities Commission reports and filings of Hummingbird and PC DOCS.
SOURCE: Hummingbird Communications Ltd. |
