StockerYale expresses interest in buying Virtek Vision International

Vision International Inc. has announced that it has received an unsigned, unsolicited letter from StockerYale Inc. pursuant to which StockerYale expressed an interest in pursuing the possible acquisition of Virtek. StockerYale is a NASDAQ Capital Markets listed company with a market capitalization of ~$19.1 M.

StockerYale indicated that it would expect that the aggregate consideration to be paid for Virtek would be ~$22 M, or $0.65 per share, payable in cash and common stock of StockerYale. StockerYale indicated that the common stock portion of the consideration would be equal to 19.9% of the total number of issued and outstanding shares of StockerYale common stock.

The StockerYale letter sets out a number of conditions to any transaction including, without limitation, satisfaction with the due diligence of Virtek, board approval, confirmation of funding, no material adverse change in Virtek's business or prospects, obtaining the requisite regulatory, shareholder and other approvals and the execution and delivery of definitive agreements.

To date, there have been no negotiations between Virtek and StockerYale, Virtek has not conducted any due diligence review of StockerYale, Virtek has not provided StockerYale with any confidential information related to Virtek and confidentiality agreements have not been entered into.

The Board of Directors of Virtek intends to meet this week to discuss the letter and to decide what action it will take, if any, in response to the letter.

Virtek Vision International Inc., Waterloo, Ontario, Canada, is a leading developer and provider of high-value industrial laser solutions, providing marking and engraving products, templating, and inspection products, to customers around the world.

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