VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/01/13 — OneMove Technologies Inc. (“OneMove” or the “Company”) (TSX VENTURE: OM), the provider of the leading web-based real estate transaction platform and the creator of the largest and fastest growing online community of conveyancing professionals, announces that it has mailed today a directors- circular (“Directors- Circular”) in response to the offer (“Offer”) from 0955662 B.C. Ltd., a wholly-owned subsidiary of Plantro Ltd. (the “Offeror”) to the shareholders of OneMove to purchase all of the issued and outstanding shares of OneMove (the “Shares”) for $0.425 in cash per share, upon the terms and subject to the conditions set forth in the circular of the Offeror dated January 17, 2013 (the “Bid Circular”). The Directors- Circular has been filed on SEDAR and may be viewed at .
The Board of Directors of OneMove (the “Board”), upon the unanimous recommendation of its Special Committee, unanimously recommends (with those directors who are nominees of the Offeror or its affiliates abstaining) that OneMove shareholders accept the Offer and tender their Shares to the Offer. The Offer is open for acceptance until 11:59 p.m. (Pacific Standard Time) on February 21, 2013 (“Expiry Time”), unless the Offer is extended or withdrawn.
Notwithstanding the Board-s unanimous recommendation, the Company has not entered into a support agreement with the Offeror and as a result, it remains free to solicit further offers. On January 29, 2013, the Special Committee met to review the efforts made with potential strategic purchasers to solicit a superior offer to the Offer. The Special Committee decided to retain Alexander Capital Group (the “Financial Advisor”) of Toronto, Ontario, as its exclusive financial advisor to assist the Special Committee in seeking, evaluating and considering alternative proposals to the Offer. While no superior offer has been made as of the date of this news release and while there can be no assurance that a superior offer will be made, the Company is continuing with these efforts. Accordingly, the Board recommends that shareholders tender their Shares closer to the Expiry Time to allow for the opportunity to consider a superior offer should one be made.
The Board has recommended that shareholders accept the Offer for a number of reasons, including the following:
For the foregoing reasons and the reasons set out in full in the Directors- Circular, the Board (with those directors who are nominees of the Offeror or its affiliates abstaining) unanimously recommended that shareholders of OneMove accept the Offer and tender their Shares to the Offer. OneMove advises shareholders not to take any action until they have read the Directors- Circular in its entirety and to tender their Shares closer to the Expiry Time of the Offer to allow for the opportunity to consider a superior offer should one be made.
About OneMove Technologies Inc.
OneMove Technologies Inc. (TSX VENTURE: OM) is the leading provider of web-based real estate transaction platforms and the creator of the largest and fastest growing online community of conveyancing professionals. Through econveyance, its proprietary web-based conveyancing software solution, OneMove simplifies and expedites the process of buying and selling real estate. Econveyance connects all participants in the property transfer process, offering a secure and efficient means of completing the transaction online. Additional information about OneMove can be found at or . Professional users site .
Forward Looking Statements
This press release contains certain “forward looking statements”. These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
OneMove Technologies Inc.
Serge Salager
CEO
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