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Gerber Scientific Offer to Acquire Virtek Vision International, Inc.
Expires Tuesday, October 21, 2008
SOUTH WINDSOR, CT -
October 20, 2008 - Gerber Scientific, Inc. (NYSE: GRB) (“Gerber”) reminds shareholders of Virtek Vision International, Inc. (TSX:VRK) (“Virtek”) that Gerber’s offer to acquire, through a wholly owned Canadian subsidiary, all of the outstanding shares of Virtek for C$1.05 per share in cash will expire at 5:00 p.m. on Tuesday, October 21, 2008.
The Board of Directors of Virtek unanimously supports the Gerber offer and recommends to Virtek’s shareholders that they accept it. Gerber’s take-over bid circular containing details of the transaction (including details on how to tender shares to the offer) was mailed to Virtek’s shareholders on September 15, 2008, along with a directors’ circular of Virtek. The acquisition is fully financed and will be funded through Gerber’s existing $125 million line of credit.
Gerber’s offer is subject to various conditions that must be satisfied prior to take-up and payment by Gerber, including, but not limited to, the valid deposit of not less than 66 2/3% of the outstanding common shares of Virtek (on a fully diluted basis). Unless 66 2/3% of Virtek’s common shares (on a fully diluted basis) are tendered, Gerber’s offer will expire and no transaction with Gerber will occur.
On October 9, 2008, Jaguar Financial Corporation, which according to public filings owns approximately 19.9% of Virtek’s outstanding common shares, announced that it would tender its shares to the Gerber offer and would not be making its own offer for Virtek.
Enquiries concerning the Gerber offer should be directed to Gerber’s information agent Kingsdale Shareholder Services Inc., toll free at 1-800-775-1986.
About Gerber Scientific, Inc.
Gerber Scientific, Inc. (http://www.gerberscientific.com) is a leading international supplier of sophisticated automated manufacturing systems for sign making, specialty graphics, and packaging, apparel and flexible materials, and ophthalmic lens processing industries. Headquartered in South Windsor, Connecticut, the company operates through four businesses: Gerber Scientific Products and Spandex Ltd., Gerber Technology, and Gerber Coburn.
Forward-looking Statements:
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contained in this news release involve risks and uncertainties regarding the Company's expected financial condition, results of operations and cash flows. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, readers are referred to the Company’s filings with the Securities and Exchange Commission, including but not limited to, the information included in Gerber Scientific’s Annual Report on Form 10-K for the fiscal year ended April 30, 2008, which outlines certain important risks regarding the Company’s forward-looking statements, as well as information included in subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Actual future results or events may differ materially from these forward-looking statements. The forward-looking statements contained in this release are made as of the date of this release and the Company expressly disclaims any obligation to update any of these forward-looking statements, except as required by law. |
