Commercial Solutions Obtains Final Approval on Arrangement Agreement with
EDMONTON, ALBERTA -- (Marketwired) -- 01/29/14 -- COMMERCIAL
SOLUTIONS INC. ("Commercial" or "Company") (TSX: CSA) a leading
Canadian distributor of bearings, power transmission equipment,
oilfield, industrial, and safety products announced today that the
previously announced statutory plan of arrangement (the
"Arrangement") under section 193 of the Business Corporations Act
(Alberta) involving Motion Industries (Canada), Inc. ("Motion
Canada"), a wholly-owned subsidiary of Motion Industries Inc.
("Motion Industries") and Genuine Parts Company, was approved by the
Court of Queen's Bench of Alberta, which has granted its final order.
In addition, all regulatory approvals required for the Arrangement
have now been obtained.
The Arrangement will result in Motion Canada acquiring all of the
issued and outstanding common shares of Commercial for a cash
consideration of CAD$1.07 per share. The Arrangement is expected to
be completed on or about January 31, 2014 (the "Effective Date"). The
common shares of Commercial Solutions are expected to be voluntarily
delisted from the Toronto Stock Exchange within four business days
following the Effective Date. Following completion of the
Arrangement, the Company will also apply to cease to be a reporting
issuer under applicable Canadian securities law.
Further details regarding the Arrangement are set out in the press
release dated December 2, 2013 and in the Company's Information
Circular dated December 18, 2013, both of which are available under
the Company's profile on SEDAR at www.sedar.com.
Headquartered in Edmonton, Alberta, Commercial is one of Canada's
leading independent industrial distributors with 23 Services Centres
and approximately 275 employees located across Canada. Commercial
offers more than 160,000 items critical to maintenance repair and
operations (MRO) and original equipment manufacturer (OEM) customers.
The Company represents 450 leading manufacturers and serves over
11,000 customer accounts within a broad cross-section of industries,
including oil and gas, forestry, food processing, chemical
processing, mining and aggregate, utilities, agriculture and
construction. Commercial trades under the symbol "CSA" on the Toronto
Stock Exchange. For further information on the Company, please visit
www.commercialsolutions.ca and for detailed financial information
About Motion Canada, Motion Industries and Genuine Parts Company
Motion Canada is an indirect wholly-owned subsidiary of Motion
Industries and Genuine Parts Company (NYSE: GPC). Motion Industries
is a leading industrial parts distributor of bearings, mechanical
power transmission, electrical and industrial automation, hydraulic
and industrial hoes, hydraulic and pneumatic components, industrial
products, safety products and material handling. Motion Industries
has over 550 operations including 14 distribution centers throughout
North America and serves more than 150,000 customers from the food
and beverage, pulp and paper, iron and steel, chemical, mining and
aggregate, petrochemical, automotive, wood and lumber and
pharmaceutical industries. Motion Industries, including its
operations in the U.S., Canada and Mexico, had 2012 revenues of $4.5
billion. For further information, please visit
Genuine Parts Company is a distributor of automotive replacement
parts in the U.S., Canada, Mexico and Australasia. The Company also
distributes industrial replacement parts in the U.S., Canada and
Mexico through its Motion Industries subsidiary. S. P. Richards
Company, the Office Products Group, distributes business products
nationwide in the U.S. and Canada. The Electrical/Electronic Group,
EIS, Inc., distributes electrical and electronic components
throughout the U.S., Canada and Mexico. Genuine Parts Company had
2012 revenues of $13.0 billion. For further information, please visit
Forward Looking Statements
This news release contains "forward-looking statements" within the
meaning of Canadian securities law and other applicable securities
legislation. All statements, other than statements of historical
facts, that address activities, events, outcomes and other matters
that the Company plans, expects, intends, assumes, believes, budgets,
predicts, forecasts, projects, estimates or anticipates (and other
similar expressions) will, should or may occur in the future are
forward-looking statements. These forward-looking statements are
based on management's current belief, based on currently available
information, as to the outcome and timing of future events. When
considering forward-looking statements, you should keep in mind the
risk factors and other cautionary statements.
Noble Investment Corp.
Commercial Solutions Inc.
Rozina Kassam, CA
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