Hyduke Energy Services Inc. HYKCF

Another Buyout Announced - IST

[GoldnEye]

Innicor Subsurface Technologies Inc. Announces Entering into a Pre-Acquisition Agreement with Sondex plc 02:15 EDT Thursday, September 21, 2006 CALGARY, Sept. 21 /CNW/ - Innicor Subsurface Technologies Inc. (TSX: IST) is pleased to announce that Innicor and Sondex plc have entered into a pre-acquisition agreement pursuant to which Sondex has agreed to acquire all of the issued and outstanding common shares of Innicor for a cash consideration of $3.75 per share by way of a take-over bid. Innicor has approximately 19.4 million common shares outstanding (on a fully diluted basis) representing a transaction value of approximately $72.8 million. The offer represents a 59.6% premium over the closing price of Innicor's common shares on the Toronto Stock Exchange on September 20, 2006 and a 37% premium to the volume weighted average trading price of Innicor's common shares on the Toronto Stock Exchange for the 20 previous trading days ending September 20, 2006. Mr.Delton Campbell, President and Chief Executive Officer of Innicor, said, "Innicor's Board of Directors has determined that the offer of $3.75 cash per share represents strong and fair value for the company's shareholders. The offer represents a significant premium to recent trading values of Innicor stock." Campbell also noted "In addition, I believe the transaction also provides a solid opportunity for Innicor's employees to participate in future growth in Canadian and international markets with expanded resources including a wider product line and increased market presence as part of a larger entity." Major Terms and Conditions....