The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Peer 1 Network Enterprises Announces Mailing of Compulsory Acquisition Notice

Friday, February 01, 2013

Peer 1 Network Enterprises Announces Mailing of Compulsory Acquisition Notice19:28 EST Friday, February 01, 2013TORONTO, Feb. 1, 2013 /CNW/ -Peer 1 Network Enterprises, Inc. ("PEER 1") (TSX: PIX) announced today that, following the take-up and payment by 0957926 B.C. LTD. (the "Offeror") of the 124,112,692 common shares  of PEER 1, representing approximately 96.57% of the outstanding common shares ("Common Shares") of PEER 1 (calculated on a fully-diluted basis) validly deposited to the offer made by Cogeco Cable Inc., through the Offeror, to acquire all of the issued and outstanding Common Shares of PEER 1, the Offeror has mailed a notice of compulsory acquisition to all remaining holders of Common Shares in accordance with the compulsory acquisition provisions in Section 300 of the Business Corporations Act (British Columbia).Pending the completion of the compulsory acquisition, PEER 1 has applied to securities regulators to request an exemption from certain continuous disclosure requirements, including the requirement to prepare, file and deliver to the remaining holders of Common Shares interim financial statements for the interim period ended December 31, 2012 and related materials.ABOUT PEER 1 HostingPEER 1 Hosting (www.peer1.com) is one of the world's leading IT hosting providers. The company is built on two obsessions: Ping & People. Ping, represents its commitment to best-in-breed technology, founded on a high performance 10Gbps FastFiber Network™ connected by 19 state-of-the-art data centres and 21 points-of-presence throughout North America and Europe. People, represents its commitment to delivering outstanding customer service to its more than 10,000 customers worldwide, backed by a 100 percent uptime guarantee and 24x7x365 FirstCall Support™. Info-Tech Research Group recently named PEER 1 Hosting as a "Champion" in its Canadian colocation and managed services Vendor Landscape report, recognizing the company's strength in product offerings and enterprise strategy in the global IT marketplace. PEER 1 Hosting's portfolio includes Managed Hosting, Dedicated Servers under the ServerBeach brand, Colocation and Cloud Services under the Zunicore brand. Founded in 1999, the company is headquartered in Vancouver, Canada, with European operations headquartered in Southampton, UK. PEER 1 Hosting shares are traded on the TSX under the symbol PIX. For more information visit: www.peer1.com or www.peer1hosting.co.uk.NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this press release may constitute forward- looking information within the meaning of securities laws. Forward-looking information may relate to PEER 1's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "foresee", "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements and information regarding the acquisition of Common Shares not deposited prior to the expiry of the offer pursuant to a compulsory acquisition transaction are forward-looking statements. In addition, statements regarding PEER 1's future operating results and economic performance and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities which PEER 1 believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to PEER 1 they may prove to be incorrect. PEER 1 cautions the reader that the economic downturn experienced over the past few years make forward-looking information and the underlying assumptions subject to greater uncertainty and that, consequently, they may not materialize, or the results may significantly differ from PEER 1's expectations. It is impossible for PEER 1 to predict with certainty the impact that the current economic uncertainties may have on future results. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what PEER 1 currently expects. These factors include technological changes, changes in market and competition, governmental or regulatory developments, general economic conditions, the development of new products and services, the enhancement of existing products and services, and the introduction of competing products having technological or other advantages, many of which are beyond PEER 1's control. These factors also include actions taken by PEER 1 shareholders in respect of the compulsory acquisition process. Therefore, future events and results may vary significantly from what management currently foresees. For more exhaustive information on these risks and uncertainties, prospective purchasers should refer to the risk factors described in the annual information form of PEER 1 for the fiscal year ended June 30, 2012. Prospective investors should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, PEER 1 is under no obligation and does not undertake to, update or alter this information at any particular time, except as may be required by law. SOURCE: Peer 1 Network Enterprises, Inc.For further information: Medias: March Communications on behalf of PEER 1 Hosting Sarah Love Tel.:  (617) 960-9881 PEER1HostingUS@marchpr.com