All amounts expressed in United States dollars (US$) unless otherwise
noted
TORONTO, Jan. 31,
2025 /CNW/ - Saltire Capital Ltd (TSX: SLT.U)
(TSX: SLT.WT.U) ("Saltire" or the "Company"), is
pleased to announce that it has entered into a non-binding letter
of intent to acquire (the "Proposed Acquisition") 100% of
the issued and outstanding shares of Electric Picture Display
Systems, Inc. ("Electric Picture"), a recognized leader in
designing, engineering, integrating, and supporting visual display
systems for commercial customers throughout North America. The purchase will be
funded by a mix of cash from the revolving credit facility,
and common shares of Saltire ("Common Shares").
"We are thrilled to announce our decision to partner with
Electric Picture and to assist in continuing to build the business
that R.P. Higgins and his team have developed over the years", said
Andrew Clark, CEO of Saltire. "This
is a highly accretive acquisition offering many synergies with our
existing platform at Strong/MDI Screen Systems, Inc.".
"We are delighted to become part of the Saltire family", said RP
Higgins, President and sole owner of Electric Picture. "We believe
Saltire and the team are the right group the take this business to
the next level. It is a truly exciting time for Electric Picture
and are looking forward to seeing the business grow in the coming
months and years."
The transaction is expected to close in the second quarter of
2025, subject to the negotiation of a definitive agreement,
satisfaction of closing conditions, any applicable regulatory
approvals (including approval of the Toronto Stock Exchange
("TSX")), and confirmatory due diligence, in each case as is
customary for transactions of this nature.
About Saltire
Saltire is a long-term capital partner that allocates capital to
equity, debt and/or hybrid securities of high-quality private
companies. Investments made by Saltire consist of meaningful and
influential stakes in carefully selected private companies that the
Manager believes are under-valued businesses with high barriers to
entry, predictable revenue streams and cash flows and defensive
characteristics, with a view to significantly improve the
fundamental value over the long-term. Although Saltire primarily
allocates capital to private companies, Saltire may, in certain
circumstances if the opportunity arises, also pursue opportunities
with orphaned or value challenged small and micro-cap public
companies. Saltire provides investors with access to private and
control-level investments typically reserved for larger players,
while maintaining liquidity.
About Electric Picture
Founded in 2003 in Melbourne,
Florida, Electric Picture Display Systems designs,
engineers, integrates and supports display systems for a wide range
of special applications, including simulation for military and
commercial training; life-like 3D/VR displays for healthcare, air
traffic control and game development; Control Room/KVM systems with
videowalls operating 24/7; Department of Homeland Security
and wide-scale monitoring; and projection and direct-view systems
for situation rooms and conference centers.
Forward-Looking Statements
Certain statements in this news release are prospective in
nature and constitute forward-looking information and/or
forward-looking statements within the meaning of applicable
securities laws (collectively, "forward-looking
statements"). Forward-looking statements include, but are not
limited to, statements concerning the completion and proposed terms
of, and matters relating to, the Proposed Acquisition.
Forward-looking statements reflect management's current beliefs,
expectations and assumptions and are based on information currently
available to management. With respect to the forward-looking
statements included in this news release, the Company has made
certain assumptions with respect to, among other things, the
Company's ability to negotiate and enter into a definitive
agreement with respect to the Proposed Acquisition and consummate
the Proposed Acquisition, the expectation that no event, change or
other circumstance will occur that could give rise to the
termination of the Proposed Acquisition, and the expenses and
timing of closing the Proposed Acquisition.
Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the
future circumstances, outcomes or results anticipated or implied by
such forward-looking statement will occur or that plans, intentions
or expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve
known and unknown risks and uncertainties and other factors that
could cause actual results to differ materially from those
contemplated by such statements. Factors that could cause such
differences include, but are not limited to: failure to negotiate
and enter into a definitive agreement with respect to the Proposed
Acquisition on terms favourable to the Company or at all, the
Company's failure to satisfy the conditions precedent and required
approvals in connection with the Proposed Acquisition, termination
fo the Proposed Acquisition, delays or amendments to the
implementation of the Proposed Acquisition, costs relating to the
Proposed Acquisitoin having to be paid even if the Proposed
Acquisition is not completed, losses arising from any
misrepresentations in the representations, warranties and covenants
of the Company and the vendors to be made in connection with the
Proposed Acquisition, the TSX not approving the listing of the
Common to be issued in connection with the Proposed Acquisition,
fluctuations in the market price of the Common Shares, and the
Company or Electric Picture being unable to continue as a going
concern and consummate the Proposed Acquisition, as well as those
described under the heading "Risk Factors" in Saltire's final
long-form prospectus dated August 2,
2024, which is available for viewing on Saltire's SEDAR+
profile at www.sedarplus.ca.
All forward-looking statements included in and incorporated into
this news release are qualified by these cautionary statements.
Unless otherwise indicated, the forward-looking statements
contained herein are made as of the date of this news release, and
except as required by applicable law, the Company does not
undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
www.saltirecapitalltd.com
SOURCE Saltire Capital Ltd.
