StockerYale Inc. Announces Interest in Acquiring Virtek Vision International
July 10, 2008
SALEM, NH - StockerYale Inc., a designer and manufacturer of structured light lasers, LED modules and specialty optical fibers for industrial OEMs, medical and defense markets, announced that it has mailed its take-over bid circular to shareholders of Virtek Vision International in connection with the previously announced offer to acquire all of the common shares of Virtek at a price of CDN$0.65 in cash per Virtek common share.
Full details of the offer are contained in the formal offer and take-over bid circular that has been filed with the applicable Canadian securities regulatory authorities, and shareholders of Virtek are urged to read the document and to consider the important information contained therein. A copy of the offer and take-over bid circular, the related letter of transmittal, and other relevant documentation may be obtained free of charge at www.sedar.com. The take-over bid expires at 11:59pm Toronto time on August 1, 2008.
“We are pleased to have mailed our take over bid circular including details of our offer and hope that it will be favorably received,” stated StockerYale Chairman and CEO Mark W. Blodgett. “The offer provides Virtek shareholders with a 59% premium above the 30-day average closing price of the Common Shares ended May 13, 2008, which we believe represents excellent value for Virtek’s shares.” As was previously disclosed, on May 13, 2008, StockerYale made an offer to the Virtek Board of Directors to acquire all of the issued and outstanding shares of Virtek Common Shares for consideration of CDN$0.65 per share, representing a total purchase price of approximately CDN$22 million. For questions or assistance in tendering you shares to the offer, please call The Laurel Hill Advisory Group, toll-free, at 1-888-211-2293.