Saskatoon, Saskatchewan - May 26, 2017 – International Road Dynamics (“IRD”) (TSX: IRD) announces the Saskatchewan Court of Queen’s Bench has issued a final order approving the previously announced proposed statutory plan of arrangement under section 192 of the Canada Business Corporations Act pursuant to which Wi-LAN Inc. (“WiLAN”) (TSX:WIN) (NASD:WILN) will acquire all of the issued and outstanding common shares of IRD for cash consideration of $4.25 per share (the “Arrangement”).
It is currently anticipated that the Arrangement will be completed on or about June 1, 2017, subject to the satisfaction or waiver of customary closing conditions.
Further details regarding the Arrangement are set out in IRD's management information circular dated April 25, 2017 which is available under the profile of IRD at www.sedar.com.
IRD is a highway traffic management technology company specializing in supplying products and systems to the global Intelligent Transportation Systems industry. IRD is a North American company based in Saskatoon, Saskatchewan Canada with sales and service offices throughout the United States and overseas. Private corporations, transportation agencies and highway authorities around the world use IRD's products and advanced systems to manage and protect their highway infrastructures.
WiLAN is one of the most successful patent licensing companies in the world and helps companies unlock the value of intellectual property by managing and licensing their patent portfolios. WiLAN operates in a variety of markets including automotive, digital television, Internet, medical, semiconductor and wireless communication technologies. WiLAN has announced plans to change its name to Quarterhill Inc. (“Quarterhill”) in the second quarter of 2017 after which, WiLAN, the patent licensing business, will become a subsidiary of Quarterhill. Founded in 1992, WiLAN is listed on the TSX and NASDAQ. For more information: www.wilan.com.
This announcement contains “forward-looking” statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance, and in particular reflect IRD’s expectations regarding the impact of the approval of the Arrangement by securityholders and the Court and the timing of the closing of the Arrangement. Forward-looking statements may be identified by words such as “seek”, “believe”, “plan”, “estimate”, “anticipate”, expect”, “intend”, and statements that an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and any other similar expressions.
Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made. Factors that could cause or contribute to such differences include, but are not limited to, the timing and possible outcome of regulatory approvals in connection with the transaction, the possibility that the transaction may not close, the reaction to the transaction of IRD’s customers and business partners, the reaction of competitors to the transaction, the retention of IRD employees, WiLAN’s plans for IRD, economic and political conditions in the global markets in which IRD and WiLAN operate, the future growth of IRD’s and WiLAN’s businesses and the possibility that integration following the transaction may be more difficult than expected. More information about these and other factors can be found in IRD’s Annual Information Form, dated February 24, 2017 and IRD's management information circular dated April 25, 2017, both of which are filed under IRD’s SEDAR profile at www.sedar.com.