VANCOUVER, March 17, 2017 /PRNewswire/ - Norsat
International Inc. ("Norsat" or the
"Company") (TSX: NII and NYSE MKT: NSAT), a
provider of unique and customized communication solutions for
remote and challenging applications, today announced that further
to its news release of September 19,
2016, it has recently received a new indication of interest
from Privet Fund Management LLP ("Privet"). Privet has
provided a non-binding letter of interest to acquire the Company
for cash consideration of US$10.25
per share subject to due diligence, financing, the completion of a
definitive agreement and other conditions.
The Board, together with the Company's financial advisors and
legal counsel, has been reviewing various strategic alternatives
and opportunities to maximize value for shareholders. The Board
will consider and evaluate the non-binding indication of interest
from Privet as part of this ongoing process.
There can be no assurance that a transaction will be completed.
The Company does not intend to make any further announcements
regarding a potential sale unless and until the Board has approved
a specific transaction or other course of action requiring
disclosure.
About Norsat International Inc.
Founded in 1977,
Norsat International Inc. is a leading provider of innovative
communication solutions that enable the transmission of data, audio
and video for remote and challenging applications. Norsat's
products and services include leading-edge product design and
development, production, distribution and infield support and
service of fly-away satellite terminals, microwave components,
antennas, Radio Frequency (RF) conditioning products, maritime
based satellite terminals and remote network connectivity
solutions. More information is available at www.norsat.com, via
email at investor@norsat.com or by phone at 1-604-821-2800.
Forward Looking Statements
The discussion and
analysis of this news release contains forward-looking statements
concerning anticipated developments in Norsat's operations in
future periods, the adequacy of its financial resources and other
events or conditions that may occur in the future. Forward-looking
statements are frequently, but not always, identified by words such
as "expects," "anticipates," "believes," "intends," "estimates,",
"predicts," "potential," "targeted," "plans," "possible" and
similar expressions, or statements that events, conditions or
results "will," "may," "could" or "should" occur or be achieved. In
addition to statements about the expression of interest from Privet
and a possible sale, these forward-looking statements include,
without limitation, statements about Norsat's market opportunities,
strategies, competition, expected activities and expenditures as it
pursues its business plan, the adequacy of available cash resources
and other statements about future events or results.
Forward-looking statements are statements about the future and are
inherently uncertain, and actual achievements of the Company or
other future events or conditions may differ materially from those
reflected in the forward-looking statements due to a variety of
risks, uncertainties and other factors, such as business and
economic risks and uncertainties. The forward-looking statements
are based on the beliefs, expectations and opinions of management
on the date the statements are made. Consequently, all
forward-looking statements made in this news release are qualified
by this cautionary statement and there can be no assurance that
actual results or anticipated developments will be realized. For
the reasons set forth above, investors should not place undue
reliance on forward-looking statements. These forward-looking
statements are made as of the date of this news release and Norsat
assumes no obligation to update or revise them to reflect new
events or circumstances, other than as required by law.
SOURCE Norsat International Inc.