Pivot Technology Solutions, Inc. Receives Conditional Approval to Graduate to the TSX, Proposes to Consolidate Shares
TORONTO, Nov. 29, 2016 /CNW/ - Pivot Technology Solutions, Inc. (TSX-V: PTG), a full-service information technology provider, today announced it has received conditional approval from the Toronto Stock Exchange (TSX) to list its common shares on the TSX. The TSX conditional approval is subject to customary listing conditions.
Pivot's common shares are expected to be listed and posted for trading on the TSX at the opening of markets on December 19, 2016 under its existing symbol "PTG". In connection with the listing of the common shares on the TSX, the last day of trading on the TSX-V is expected to be December 16, 2016 and the common shares will be delisted from the TSX-V upon commencement of trading on the TSX.
"Graduating to the TSX will fulfill a key commitment to our shareholders and among other advantages, will increase our access to the capital markets and elevate our corporate profile," said Kevin Shank, Pivot President and Chief Executive Officer. "We look forward to this next chapter in our development as we continue to execute our shareholder value creation agenda."
"This is an important milestone for all of us at Pivot and for our fellow shareholders who have long recognized the potential in our business," said Brian Kyle, Chief Financial Officer. "While the listing will not change our focus on delivering great IT products and lifecycle services to customers as a means of building shareholder value, it will create higher expectations of governance and financial reporting. We are ready and welcoming of this new level of scrutiny."
Concurrently with the TSX graduation, the Company intends to proceed with a consolidation of its common shares on the basis of four (4) pre-consolidation common shares for one (1) post-consolidation common share (the Share Consolidation), subject to the approval of the TSX. Shareholders of Pivot approved the Share Consolidation at the Company's Annual General and Special Meeting on June 21, 2016 and the Company has received conditional approval from the TSX subject to customary conditions. Currently, a total of 167,976,626 common shares in the capital of the Company are issued and outstanding. Following the Share Consolidation, Pivot will have 41,994,157 common shares issued and outstanding, assuming there are no other changes in the issued capital of the Company.
About Pivot Technology Solutions
Pivot is a leading information technology infrastructure and services provider to approximately 2,000 customers, including many members of the Fortune 500. Founded in 2010, Pivot enjoys relationships with the world's leading IT vendors and generates annual revenues of approximately US$1.5 billion. With over 875 employees and offices throughout North America, Pivot uses its knowledge and local presence to help corporations, governments and educational institutions design, build, implement and maintain advanced computing and communication infrastructure. For more information, visit www.pivotts.com.
Forward Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements include statements regarding growth and value creation opportunities, and the assumptions underlying any of the foregoing. Pivot uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend", "anticipate" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Pivot in light of its experience and its perception of historical trends, current conditions and expected future developments, including the assumption that Pivot's common shares will be listed on the TSX and that the share consolidation will occur, in each case, in the timeframe currently contemplated, as well as other factors Pivot believes are appropriate under the relevant circumstances. However, whether actual results and developments will conform to Pivot's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Pivot's actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. These factors include, without limitation: delays in listing on the TSX and in the share consolidation. The "forward-looking statements" contained herein speak only as of the date of this news release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
Neither the 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.
SOURCE Pivot Technology Solutions, Inc