Press Releases

Momentum Receives Expression of Interest

February 23
17:52 2009

Web Hosting NewsToronto, Ontario – Momentum Advanced Solutions Inc. (TSX:WWW), (“Momentum” or the “Company”), announced today that it had received a non-binding expression of interest from a company controlled by Sheldon Pollack and Phillip DeLeon, the Chief Executive Officer and President, respectively, of Momentum, with respect to the possible privatization of Momentum. The expression of interest indicated that the offeror would be prepared to pay $0.20 in cash per common share to the shareholders of Momentum (other than Messrs Pollack and DeLeon, their associates and affiliates).

Sheldon Pollack and Phillip DeLeon each own or control approximately 20% of the 64,105,577 outstanding common shares of Momentum.

The expression of interest is non-binding and subject to conditions, including receipt of board, shareholder, regulatory and stock exchange approvals, completion of definitive documentation, financing and the finalization of all material terms between the parties. There can be no assurance that any transaction will be consummated on the proposed terms or at all as a consequence of the delivery of the expression of interest. An independent committee of the board of directors of Momentum has been formed to review the non-binding expression of interest and to consider other alternatives to enhance shareholder value.

Momentum is scheduled to release its third quarter financial results for the period ending January 31, 2009 on or around March 10, 2009.

About Momentum Advanced Solutions Inc.
Momentum is a leader in Web outsourcing services. Its solutions provide customers with the innovation, integration, and operational expertise needed to reduce costs and/or improve productivity by outsourcing their mission critical, web-based applications and infrastructure to Momentum. Headquartered in Markham, Ontario, Momentum has offices in Ottawa, Windsor, Calgary and Toronto. Momentum Advanced Solutions is publicly traded on the Toronto Stock Exchange and trades under the symbol WWW.

Server Down? Receive website monitoring at

About Author

Providing Web Host News, Discussions, Reviews, Commentary, Interviews and Blog Articles to the FindMyHost, Inc. Network.

Related Articles

Special Offers: