Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

HS GOVTECH ANNOUNCES FINAL COURT APPROVAL OF ARRANGEMENT AGREEMENT

VANCOUVER, BC, Nov. 17, 2023 /CNW/ - HS GovTech Solutions Inc. ("HS GovTech", or the "Company") (CSE: HS) (Frankfurt: 38H) (OTC: HDSLF), a leading provider of SaaS applications for government, is pleased to announce that it has received approval from the Supreme Court of British Columbia for its previously announced statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia), pursuant to which a British Columbia subsidiary of a US private equity fund operated by Banneker Partners LLC (the "Purchaser") will acquire all of the issued and outstanding common shares, on a fully diluted basis, of the Company (the "Shares") for an all-cash consideration of $0.54 per Share (the "Arrangement").

HS GovTech Solutions Inc. logo (CNW Group/HS GovTech Solutions Inc.)

Assuming that the remaining conditions to closing are satisfied and the necessary regulatory approvals are obtained, it is expected that the closing of the Arrangement will be completed on or around November 22, 2023. Following the completion of the Arrangement, it is anticipated that the Shares will be delisted from the Canadian Securities Exchage and the Company will cease to be a reporting issuer under applicable Canadian securities laws.

About HS GovTech

HS GovTechTM is an industry leading software as a service company serving the state, provincial and local government market across the United States and Canada. HS GovTech'sTM cutting edge platforms currently provide inspection, information, communication and data management systems that enable government agencies to operate more efficiently. HS GovTech'sTM cloud and mobile based platforms are currently deployed in over 800 state and local government organizations across North America. HS GovTechTM currently offers the only fully integrated inspection, administration and analytics product suite across all platforms in North America. HS GovTechTM also delivers its government grade technologies to private businesses through its My Health DepartmentTM platform, enabling citizens and private businesses to gain visibility and predictability into their own organizations and move from a reactive to a proactive operational status. As HS GovTechTM continues to deliver focused service and innovative solutions to government organizations, the Company entered the FinTech space through its HSPayTM offering which serves as a payment platform that streamlines the intake of government revenue. Further, HS GovTech's GovCallTM platform offers one of the only teleconferencing and video collaboration platforms tailored exclusively for government agencies.

Forward-Looking Information

Certain information in this news release is considered forward-looking within the meaning of certain securities laws and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. Forward-looking information in this news release relates to, among other things: the ability of the Company and the Purchaser to satisfy the other conditions to, and to complete, the Arrangement; and the closing of the Arrangement.

These statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant uncertainties and contingencies. Many factors, both known and unknown could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the satisfaction or waiver of all applicable conditions to closing of the Arrangement including, without limitation, the lack of material changes with respect to the Company and its business, all as more particularly set forth in the arrangement agreement dated September 16, 2023 entered into between the Company and the Purchaser (the "Arrangement Agreement"). In respect of the forward-looking statements and information concerning the anticipated completion of the proposed Arrangement and the anticipated timing for completion of the Arrangement, the Company has made certain assumptions that management believes are reasonable at this time. These dates may change for a number of reasons, including the need for additional time to satisfy the other conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. In addition, in the event the Arrangement Agreement is terminated in certain circumstances, the Company may be required to pay a termination fee to the Purchaser, the result of which could have a material adverse effect on the Company's financial position and results of operations and its ability to fund growth prospects and current operations.

The forward-looking information in this news release describes the Company's expectations as of the date of this news release. Readers are cautioned against attributing undue certainty to forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE HS GovTech Solutions Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2023/17/c1279.html



Get the latest news and updates from Stockhouse on social media

Follow STOCKHOUSE Today