|By Marketwired .||
|June 19, 2014 05:00 PM EDT||
WATERDOWN, ONTARIO -- (Marketwired) -- 06/19/14 -- Opta Minerals Inc. (TSX:OPM) ("Opta Minerals" or the "Company") announced today that the Board of Directors has established a special committee of independent directors (the "Special Committee") to conduct a review of strategic alternatives available to the Company with a view to enhancing value for all shareholders. The Special Committee will review and evaluate all proposals received as part of the strategic review process, and will make recommendations to the Board thereon. Opta Minerals has retained Houlihan Lokey Capital, Inc. as its financial advisor to assist the Board and the Special Committee in connection with the strategic review process.
Jeremy Kendall, Chairman of the Board of Opta Minerals Inc., commented, "We believe that this is the appropriate time for Opta Minerals to look at alternatives to enhance shareholder value. In the last several years the Company has increased its revenues to close to $150 million and expanded its geographic operating platform. The industrial sectors which they sell into are also growing. A potential sale of the Company or other specific action will further position Opta Minerals for continued growth and achievement of its long-term objectives."
Dave Kruse, President and CEO of Opta Minerals stated, "I believe a change of ownership would be positive for Opta Minerals and its stakeholders and better position the Company for accelerated growth. In the meantime, it is business as usual for our employees, customers and suppliers."
Unless otherwise required by law, the Company does not intend to disclose any developments with respect to the strategic review process until its Board of Directors has approved a definitive transaction or other strategic option. The Company's review process is in the early stages, there is no defined timeline and there are no guarantees that the process will result in a transaction or, if a transaction is undertaken, as to its terms or timing.
Statements contained in this news release concerning the review of strategic alternatives for the Company constitute forward-looking statements. In making the forward-looking statements, the Company has made assumptions regarding, among other things, its ability to identify, negotiate and consummate an acceptable transaction. There is risk that the Company will not successfully identify, negotiate and/or consummate a suitable transaction. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
About Opta Minerals Inc.
Opta Minerals is a vertically integrated provider of custom process solutions and industrial mineral products used primarily in the steel, foundry, loose abrasive cleaning, water-jet cutting and municipal water filtration industries. The Company has production and distribution facilities in Ontario, Quebec, Saskatchewan, Louisiana, South Carolina, Virginia, Maryland, Indiana, Michigan, New York, Texas, Florida, Ohio, Idaho, France, Slovakia and Germany. Opta Minerals has one of the broadest product lines in the industry.
Opta Minerals Inc.
President and CEO
Opta Minerals Inc.
Executive Vice President
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