Peer 1 Network Enterprises Announces Mailing of Compulsory Acquisition Notice
TORONTO, Feb. 1, 2013 /CNW/ - Peer1 Network Enterprises, Inc. ("PEER 1")
(TSX: PIX) announced today that, following the take-up and payment by 0957926
B.C. LTD. (the "Offeror") of the 124,112,692 common shares of PEER 1,
representing approximately 96.57% of the outstanding common shares ("Common
Shares") of PEER 1 (calculated on a fully-diluted basis) validly deposited to
the offer made by Cogeco Cable Inc., through the Offeror, to acquire all of
the issued and outstanding Common Shares of PEER 1, the Offeror has mailed a
notice of compulsory acquisition to all remaining holders of Common Shares in
accordance with the compulsory acquisition provisions in Section 300 of the
Business Corporations Act (British Columbia).
Pending the completion of the compulsory acquisition, PEER 1 has applied to
securities regulators to request an exemption from certain continuous
disclosure requirements, including the requirement to prepare, file and
deliver to the remaining holders of Common Shares interim financial statements
for the interim period ended December 31, 2012 and related materials.
ABOUT PEER 1 Hosting
PEER 1 Hosting (www.peer1.com) is one of the world's leading IT hosting
providers. The company is built on two obsessions: Ping & People. Ping,
represents its commitment to best-in-breed technology, founded on a high
performance 10Gbps FastFiber Network™ connected by 19 state-of-the-art data
centres and 21 points-of-presence throughout North America and Europe. People,
represents its commitment to delivering outstanding customer service to its
more than 10,000 customers worldwide, backed by a 100 percent uptime guarantee
and 24x7x365 FirstCall Support™. Info-Tech Research Group recently named
PEER 1 Hosting as a "Champion" in its Canadian colocation and managed services
Vendor Landscape report, recognizing the company's strength in product
offerings and enterprise strategy in the global IT marketplace. PEER 1
Hosting's portfolio includes Managed Hosting, Dedicated Servers under the
ServerBeach brand, Colocation and Cloud Services under the Zunicore brand.
Founded in 1999, the company is headquartered in Vancouver, Canada, with
European operations headquartered in Southampton, UK. PEER 1 Hosting shares
are traded on the TSX under the symbol PIX. For more information visit:
www.peer1.com or www.peer1hosting.co.uk.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release may constitute forward-
looking information within the meaning of securities laws. Forward-looking
information may relate to PEER 1's future outlook and anticipated events,
business, operations, financial performance, financial condition or results
and, in some cases, can be identified by terminology such as "may", "will",
"should", "expect", "plan", "anticipate", "believe", "intend", "estimate",
"predict", "potential", "continue", "foresee", "ensure" or other similar
expressions concerning matters that are not historical facts. In particular,
statements and information regarding the acquisition of Common Shares not
deposited prior to the expiry of the offer pursuant to a compulsory
acquisition transaction are forward-looking statements. In addition,
statements regarding PEER 1's future operating results and economic
performance and its objectives and strategies are forward-looking statements.
These statements are based on certain factors and assumptions including
expected growth, results of operations, performance and business prospects and
opportunities which PEER 1 believes are reasonable as of the current date.
While management considers these assumptions to be reasonable based on
information currently available to PEER 1 they may prove to be incorrect. PEER
1 cautions the reader that the economic downturn experienced over the past few
years make forward-looking information and the underlying assumptions subject
to greater uncertainty and that, consequently, they may not materialize, or
the results may significantly differ from PEER 1's expectations. It is
impossible for PEER 1 to predict with certainty the impact that the current
economic uncertainties may have on future results. Forward-looking information
is also subject to certain factors, including risks and uncertainties that
could cause actual results to differ materially from what PEER 1 currently
expects. These factors include technological changes, changes in market and
competition, governmental or regulatory developments, general economic
conditions, the development of new products and services, the enhancement of
existing products and services, and the introduction of competing products
having technological or other advantages, many of which are beyond PEER 1's
control. These factors also include actions taken by PEER 1 shareholders in
respect of the compulsory acquisition process. Therefore, future events and
results may vary significantly from what management currently foresees. For
more exhaustive information on these risks and uncertainties, prospective
purchasers should refer to the risk factors described in the annual
information form of PEER1 for the fiscal year ended June 30, 2012.
Prospective investors should not place undue importance on forward-looking
information and should not rely upon this information as of any other date.
While management may elect to, PEER 1 is under no obligation and does not
undertake to, update or alter this information at any particular time, except
as may be required by law.
March Communications on behalf of PEER 1 Hosting Sarah Love Tel.: (617)
SOURCE: Peer 1 Network Enterprises, Inc.
To view this news release in HTML formatting, please use the following URL:
CO: Peer 1 Network Enterprises, Inc.
ST: British Columbia
NI: CPR ELE MNA
-0- Feb/02/2013 00:28 GMT
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