|By Marketwired .||
|March 4, 2014 09:29 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/05/14 -- Coast Wholesale Appliances Inc. (TSX:CWA) ("Coast") acknowledges that CWAL Investments Ltd. ("CWAL"), who together with its joint actors own approximately 39.6% of the outstanding common shares of the Coast, has announced its intention to make an unsolicited all-cash offer for all of the issued and outstanding common shares of Coast not beneficially owned by CWAL and its joint actors at a price of $4.55 per share (the "Offer").
Coast has formed a Special Committee of its Board of Directors, consisting of Stephen Bellringer (Chair), Donald Smith and Anthony Soda, each of whom is an independent director, to evaluate the Offer and the alternatives for Coast. The Special Committee has retained CIBC World Markets Inc. ("CIBC") as financial advisor to assist it in considering the Offer and alternatives to maximize value for all shareholders.
CWAL previously indicated to Coast that it was considering making an offer to acquire all of the outstanding common shares of Coast not beneficially owned by CWAL and its joint actors at a price of $4.40 per common share on the condition that such offer be supported by Coast. Based on CIBC's preliminary analysis, the Special Committee determined that this price was below an acceptable range of values representing the fair market value of Coast's common shares. The Special Committee and CIBC relayed this information to CWAL. There were no subsequent discussions between CWAL and Coast.
The Board of Directors of Coast has approved a shareholder rights plan (the "Plan"). The purpose of the Plan is to ensure that the Special Committee and the Board of Directors will have sufficient time to properly develop and pursue alternatives to maximize value for all shareholders.
The Special Committee is in the process of reviewing and evaluating the announcement with its financial and legal advisors and will communicate further with shareholders in accordance with applicable securities laws. Coast recommends that shareholders take no action until the Special Committee has completed its full review of the Offer and the Board of Directors of Coast has provided shareholders with its recommendation in respect of the Offer in a directors' circular.
Forward-Looking Statements and Information
Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements and forward-looking information include, but are not limited to statements concerning the proposal from CWAL, the preparation of a formal valuation by CIBC, the review of the Offer and the provision by the Board of Directors of Coast of its consideration and any recommendations to shareholders. Such statements and information include statements regarding the expectation and beliefs of management and appear in a number of places and often can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information include, but are not limited to statements or information with respect to known and unknown risks, uncertainties and other factors which may cause Coast's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and information. Such factors include, but are not limited to the following: the proposal from CWAL. There can be no assurance that forward-looking statements or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of Coast. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information made herein, are qualified by this cautionary statement. These forward looking-statements and forward-looking information are made as of the date of this news release, and, except as required by applicable securities law, Coast assumes no obligation to update or revise them to reflect new events or circumstances.
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
Oct. 5, 2015 11:45 PM EDT Reads: 180
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
Oct. 5, 2015 11:45 PM EDT Reads: 763
In his session at @ThingsExpo, Tony Shan, Chief Architect at CTS, will explore the synergy of Big Data and IoT. First he will take a closer look at the Internet of Things and Big Data individually, in terms of what, which, why, where, when, who, how and how much. Then he will explore the relationship between IoT and Big Data. Specifically, he will drill down to how the 4Vs aspects intersect with IoT: Volume, Variety, Velocity and Value. In turn, Tony will analyze how the key components of IoT ...
Oct. 5, 2015 11:00 PM EDT Reads: 217
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
Oct. 5, 2015 11:00 PM EDT Reads: 605
Today, we are in the middle of a paradigm shift as we move from managing applications on VMs and containers to embracing everything that the cloud and XaaS (Everything as a Service) has to offer. In his session at 17th Cloud Expo, Kevin Hoffman, Advisory Solutions Architect at Pivotal Cloud Foundry, will provide an overview of 12-factor apps and migrating enterprise apps to the cloud. Kevin Hoffman is an Advisory Solutions Architect for Pivotal Cloud Foundry, and has spent the past 20 years b...
Oct. 5, 2015 10:45 PM EDT Reads: 687
While testing is often ignored when it comes to DevOps - it could be the most important aspect of achieving true DevOps success. Without rethinking automated testing from the ground-up, the entire DevOps productivity gain cannot be realized. Large tech companies build their own rapid test automation that runs in minutes across functional, performance, security and other tests. In his session at DevOps Summit, Kevin Surace, CEO of Appvance, will discuss how we learn from these real-world succe...
Oct. 5, 2015 10:00 PM EDT Reads: 418
DevOps has often been described in terms of CAMS: Culture, Automation, Measuring, Sharing. While we’ve seen a lot of focus on the “A” and even on the “M”, there are very few examples of why the “C" is equally important in the DevOps equation. In her session at @DevOps Summit, Lori MacVittie, of F5 Networks, will explore HTTP/1 and HTTP/2 along with Microservices to illustrate why a collaborative culture between Dev, Ops, and the Network is critical to ensuring success.
Oct. 5, 2015 09:45 PM EDT Reads: 684
SYS-CON Events announced today that Logz.io has been named a "Bronze Sponsor" of SYS-CON's @DevOpsSummit Silicon Valley, which will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Logz.io provides open-source software ELK turned into a log analytics platform that is simple, infinitely- scalable, highly available, and secure.
Oct. 5, 2015 09:30 PM EDT Reads: 856
DevOps delivers remarkable results. But does it help all of IT? Can traditional ‘mode 1’ IT benefit as much as innovative ‘mode 2’? How about the rest of your business? Or have you just shifted your bottleneck? And if so, what can you do about it? Improving dev and ops is necessary, but not sufficient. It often just shifts the burden sideways (e.g., to PMs, SQA, InfoSec, DBAs, NOC, etc.), upstream (to the PMO, Controller, Business Liaison, etc.), or downstream (to TechPubs, Service Desk, Traini...
Oct. 5, 2015 04:00 PM EDT Reads: 686
The enterprise is being consumerized, and the consumer is being enterprised. Moore's Law does not matter anymore, the future belongs to business virtualization powered by invisible service architecture, powered by hyperscale and hyperconvergence, and facilitated by vertical streaming and horizontal scaling and consolidation. Both buyers and sellers want instant results, and from paperwork to paperless to mindless is the ultimate goal for any seamless transaction. The sweetest sweet spot in innov...
Oct. 5, 2015 03:30 PM EDT Reads: 116
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text...
Oct. 5, 2015 01:15 PM EDT Reads: 157
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
Oct. 5, 2015 01:00 PM EDT Reads: 723
“The Internet of Things transforms the way organizations leverage machine data and gain insights from it,” noted Splunk’s CTO Snehal Antani, as Splunk announced accelerated momentum in Industrial Data and the IoT. The trend is driven by Splunk’s continued investment in its products and partner ecosystem as well as the creativity of customers and the flexibility to deploy Splunk IoT solutions as software, cloud services or in a hybrid environment. Customers are using Splunk® solutions to collect ...
Oct. 5, 2015 12:00 PM EDT Reads: 572
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Alert Logic provides Security-as-a-Service for on-premises, cloud, and hybrid IT infrastructures, delivering deep security insight and continuous protection for cust...
Oct. 5, 2015 12:00 PM EDT Reads: 2,360
Organizations already struggle with the simple collection of data resulting from the proliferation of IoT, lacking the right infrastructure to manage it. They can't only rely on the cloud to collect and utilize this data because many applications still require dedicated infrastructure for security, redundancy, performance, etc. In his session at 17th Cloud Expo, Emil Sayegh, CEO of Codero Hosting, will discuss how in order to resolve the inherent issues, companies need to combine dedicated a...
Oct. 5, 2015 12:00 PM EDT Reads: 415