Press Release
Engenuity Technologies Inc. and CAE Inc. Announce the Completion of Satisfactory Due Diligence on Engenuity's AcuSoft Subsidiary
Montreal, Canada – February 27, 2007 – Engenuity Technologies Inc. ("Engenuity") (TSX: EGY) and CAE Inc. ("CAE") (NYSE: CGT; TSX: CAE) jointly announced the completion of the due diligence on Engenuity’s AcuSoft Inc. subsidiary by CAE.
Accordingly, CAE has informed Engenuity that the condition set forth in the offer and take-over bid circular mailed on February 22, 2007 to the effect that CAE complete to its satisfaction due diligence in respect of Acusoft Inc. has now been met. CAE’s offer to purchase all of the outstanding common shares of Engenuity Technologies for CDN$1.20 per share, payable in cash, remains subject to other conditions as further described in the offer and take-over bid circular.
Shareholders are reminded to refer to the directors’ circular prepared by Engenuity’s board of directors, which unanimously determined that the offer is fair and in the best interest of Engenuity and recommended that shareholders (other than the shareholders which signed lock-up agreements for which no determination has been made) accept the offer and tender their shares. The details of the offer are contained in the take-over bid circular. Pursuant to lock-up agreements among CAE and certain shareholders, 69.8% of the shares have already been committed to the offer. The offer will be open for acceptance until 5:00 p.m. (Montreal time) on March 30, 2007, unless extended or withdrawn by CAE.
Shareholders may obtain a copy of the take-over bid circular, letter of acceptance and transmittal and notice of guaranteed delivery at the SEDAR web site at www.sedar.com or from Georgeson Shareholder Communications Canada Inc. at the North American toll-free number 1-866-725-6574. Copies of the Directors’ Circular may be obtained at the SEDAR web site at www.sedar.com and at Engenuity’s web site at www.engenuitytech.com. For further information, please contact Georgeson Shareholder Communications Canada Inc. at the North American toll-free number 1-866-725-6574.
About CAE
CAE is a world leader in providing simulation and modelling technologies, and integrated training services to the civil aviation industry and defence forces around the globe. We design, manufacture and supply simulation equipment and offer training and services. This includes integrated modelling, simulation and training solutions for commercial airlines, business aircraft operators, aircraft manufacturers and military organizations and a global network of training centres for pilots, and in some instances, cabin crew and maintenance workers.With annual revenues of over C$1 billion, CAE operates in 19 countries around the world. CAE has sold nearly 700 simulators and training devices to airlines, aircraft manufacturers, training centres and defence forces for air and ground purposes in more than 40 countries. We have over 110 full-flight simulators in more than 20 aviation training centres, serving approximately 3,500 airlines, aircraft operators and manufacturers across the globe. CAE licenses its simulation software to various market segments and has a professional services division assisting customers with a wide range of simulation-based needs.
About Engenuity Technologies
Engenuity Technologies Inc. (TSX: EGY) is a global leader in visualization and simulation software solutions for the aerospace, defense, automotive, games and entertainment markets. The company’s products and services are currently used by hundreds of customers in 40 countries, including many of the world’s largest organizations. Engenuity has offices and distributors throughout North America, Europe, and Asia. Visit our Website at: http://www.engenuitytech.com.For further information:
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