[July 23, 2008] Virtek Pursues Value Maximizing Alternatives for Shareholders Tweet (Canada Newswire English Via Acquire Media NewsEdge) Attention Business Editors WATERLOO, ON, July 23 /CNW/ - Virtek Vision International Inc. (TSX:VRK) ("Virtek" or the "Company"), a leading provider of high value industrial laser solutions, today announced that its Board of Directors is considering a number of alternatives aimed at maximizing shareholder value. One of the initiatives under serious discussion with an arms length third party involves the possible sale of certain assets of Virtek's business, with shareholders receiving a portion of the proceeds. The Board expects that if these discussions conclude successfully, shareholders will receive a proposal for some of Virtek's assets that is superior to StockerYale's offer of $0.65 per share for the entire Company. Completion of the contemplated alternative superior transaction would be subject to a number of conditions, such as satisfactory completion of due diligence by the proposed purchaser, the negotiation and execution of a definitive agreement, and approvals by Virtek's shareholders and regulators. Further details will be provided in the event that a definitive agreement is reached. At this stage, no assurances can be made that this will occur prior to the expiry of the StockerYale offer on August 1, 2008, or that the contemplated alternative proposal will be consummated. "The Board believes the present StockerYale offer materially undervalues the Company and has spoken to many shareholders who do not intend to tender to the offer. We are focusing on providing shareholders with a value enhancing alternative to the current proposal and we have made significant progress in this regard. The alternative superior transaction under discussion is an example of the potential value of the business and our commitment to maximizing shareholder value," said D. Brian Harrison, Chairman of the Board of Directors. As set out in detail in Virtek's Directors' Circular dated July 11, 2008, the Board of Directors of Virtek unanimously recommends that shareholders reject the StockerYale offer and not tender their shares to the offer. Shareholders are urged to read the Directors' Circular in its entirety. The Directors' Circular has been mailed to shareholders and is available free of charge on SEDAR at www.sedar.com. Shareholders wishing to withdraw their shares from the StockerYale offer are encouraged to contact Kingsdale Shareholder Services Inc., toll free at 1-866-581-1571. About Virtek Vision International Inc. Virtek Vision International Inc. is a leading provider of high value industrial laser solutions focused on the needs of the global manufacturing sector, providing templating, inspection, marking and engraving products. Virtek serves customers in the prefabricated construction, transportation, metalworking, tool and die and mold making industries worldwide. Virtek is a full service provider, with services including manufacturing, development, integration, training, after sales support and installation. The Company delivers high value to its customers, including feature-rich systems with a quick payback, productivity enhancements and total turnkey solutions. The majority of Virtek's sales are in the United States and Europe. Virtek maintains offices in Waterloo, Ontario, Canada; Boston, Massachusetts, United States; L?denscheid and N?rnberg, Germany; and Busto Arsizio, Italy. Please visit www.virtek.ca for more information. Forward-looking Statements Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results. %SEDAR: 00006230E about Virtek Vision International Inc. please visit www.virtek.ca or contact: Peter Monsberger, VP Finance and CFO, Tel: (519) 746-7190, Fax: (519) 746-3383, e-mail: [email protected]; Stephen Sorocky, President and CEO, Tel. (519) 746-7190, Fax. (519) 746-3383, e-mail: [email protected]; Investor Relations Contact: Jo Mira Clodman, Clodman Hecht Communications Inc., (416) 787-3773, e-mail: [email protected]; Kingsdale Shareholder Services Inc., 1-866-581-1571, email: [email protected] Copyright ? 2008 Canada Newswire Ltd. All Rights Reserved. [ Back To TMCnet.com's Homepage ]