Converge Technology Solutions Corp. Announces Houlihan Lokey Capital, Inc and Canaccord Genuity Corp as Co-financial Advisors

Rhea-AI Summary

Converge Technology Solutions Corp. has engaged Canaccord Genuity Corp and Houlihan Lokey Capital, Inc as co-financial advisors to explore strategic alternatives following a decision by its Special Committee on November 22, 2022. The Company also appointed LodeRock Advisors Inc. to manage investor relations. However, there are no assurances that this process will lead to a definitive transaction, and Converge does not intend to provide further updates until a specific outcome is reached.

Positive

• Engagement of Canaccord Genuity and Houlihan Lokey as financial advisors may open up strategic opportunities.
• Appointment of LodeRock Advisors for investor relations could improve communication with shareholders.

Negative

• No assurance of a favorable outcome from the strategic review process, creating uncertainty for investors.
• Lack of specific updates during the review process may lead to investor frustration.

TORONTO and GATINEAU, QC, Dec. 12, 2022 /PRNewswire/ - Converge Technology Solutions Corp. ("Converge" or "the Company") (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) is pleased to announce that the special committee (the "Special Committee") of its Board of Directors announced on November 22, 2022 has retained Canaccord Genuity Corp and Houlihan Lokey Capital, Inc as its co-financial advisors to assist in its review and evaluation of strategic alternatives that may be available to the Company.

In addition, the Company has retained LodeRock Advisors Inc. to assist with investor relations activities managing the communications to investors and market analysts.

There can be no assurance that the process referred to herein will lead to the approval or completion of any transaction. The Company does not intend to provide any updates with respect to this process unless and until the Special Committee and the Board of Directors approves a specific transaction or otherwise concludes its review of strategic alternatives.

Forward-Looking Statements

This press release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation regarding Converge and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected" "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts". "estimates", "believes" or intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could, "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while the Company considers reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Except as required by law, Converge assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change. The reader is cautioned not to place undue reliance on forward-looking statements.

For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's filings available on SEDAR under the Company's profile at www.sedar.com including its most recent Annual Information Form, its Management Discussion and Analysis and its Annual and Quarterly Financial Statements.

About Converge

Converge Technology Solutions Corp. is a software-enabled IT & Cloud Solutions provider focused on delivering industry-leading solutions and services. Converge's global solution approach delivers advanced analytics, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.

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SOURCE Converge Technology Solutions Corp.

FAQ

What is the purpose of Converge Technology Solutions' strategic review?

Converge Technology Solutions is exploring strategic alternatives to enhance its business, as announced on November 22, 2022.

Who are the financial advisors retained by Converge Technology Solutions?

Converge has retained Canaccord Genuity Corp and Houlihan Lokey Capital, Inc as co-financial advisors.

What role does LodeRock Advisors play for Converge Technology Solutions?

LodeRock Advisors has been appointed to manage investor relations and improve communication with market analysts.

Will Converge Technology Solutions provide updates during the review process?

Converge does not intend to provide updates until a specific transaction is approved or the review concludes.

What risks are associated with the strategic review process at Converge Technology Solutions?

The process may not result in a transaction, leading to uncertainty for shareholders.