NEWS RELEASE TRANSMITTED BY Marketwired
FOR: Commercial Solutions Inc.
TSX SYMBOL: CSA
JANUARY 31, 2014
Motion Canada Completes Acquisition of Commercial Solutions
EDMONTON, ALBERTA--(Marketwired - Jan. 31, 2014) - Motion Industries (Canada),
Inc. ("Motion Canada") and Commercial Solutions Inc. (TSX:CSA)
("Commercial Solutions" or "Company") announced today that
Motion Canada has completed its previously announced acquisition of Commercial
Solutions pursuant to a plan of arrangement (the "Arrangement"). The
Arrangement resulted in Motion Canada acquiring all of the issued and
outstanding common shares of Commercial Solutions for a cash consideration of
CAD$1.07 per share.
The Arrangement was approved by the shareholders of Commercial Solutions at a
special meeting held on January 28, 2014 and by the Court of Queen's Bench
of Alberta on January 29, 2014. Articles of Arrangement have been filed by
Commercial Solutions with the Registrar of Corporations for the Province of
Alberta (pursuant to section 193 of the Business Corporations Act (Alberta))
and the Arrangement became effective today. Commercial Solutions is now a
wholly-owned subsidiary of Motion Canada.
The common shares of Commercial Solutions will be delisted from the Toronto
Stock Exchange within four business days.
The acquisition of Commercial Solutions will be entirely satisfied with cash
and sufficient funds have been deposited with Computershare Investor Services
Inc. to enable it to make payments to Commercial Solutions security holders
pursuant to the terms of the arrangement agreement. Letters of Transmittal have
been mailed to registered shareholders of Commercial Solutions and are also
available on SEDAR at www.sedar.com. The Letters of Transmittal explain how
registered Commercial Solutions shareholders can deposit and obtain payment for
their shares. Registered Commercial Solutions shareholders must return duly
completed Letters of Transmittal to Computershare Investor Services Inc. in
order to receive the consideration to which they are entitled for their shares.
Non-registered shareholders should carefully follow the instructions from the
broker or other financial intermediary that holds shares on their behalf.
About Commercial Solutions
Headquartered in Edmonton, Alberta, Commercial Solutions is one of
Canada's leading independent industrial distributors with 23 Services
Centres and approximately 275 employees located across Canada. Commercial
Solutions 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. For further information on the
Commercial Solutions, please visit www.commercialsolutions.ca and for detailed
financial information visit www.sedar.com.
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 www.genpt.com.
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
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations, Noble Investment Corp.
Rozina Kassam, CA
CFO, Commercial Solutions Inc.
INDUSTRY: Manufacturing and Production - Machinery and Tools
-0- Jan/31/2014 16:51 GMT
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