|By Marketwired .||
|July 10, 2014 03:02 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/10/14 -- PNI Digital Media Inc. ("PNI") (TSX: PN)(OTCQB: PNDMF), a leading innovator in digital media solutions for retailers, is pleased to announce that the Supreme Court of British Columbia has granted a final order (the "Final Order") approving the previously announced arrangement (the "Arrangement") with Staples, Inc. ("Staples") and Staples Canada Acquisition ULC ("Staples Acquireco"), a wholly owned-subsidiary of Staples, pursuant to which, among other things, Staples Acquireco will acquire all of the issued and outstanding common shares of PNI for $1.70 in cash per common share. The granting of the Final Order was a condition to the completion of the Arrangement. The Arrangement was approved by PNI shareholders at a special meeting (the "Meeting") of PNI shareholders held on July 8, 2014.
The Arrangement is expected to be completed on or about July 11, 2014 and is subject to the satisfaction of certain other customary closing conditions.
Further information regarding the Arrangement is contained in PNI's Management Information Circular for the Meeting dated June 4, 2014, which is available under PNI's profile on SEDAR at www.sedar.com.
About PNI Digital Media Inc.
PNI Digital Media operates the PNI Digital Media Platform, which provides transaction processing and order routing services for major retailers. The PNI Digital Media Platform connects consumer-ordered digital content, whether from online, in-store kiosks, desktop software or mobile phones, with retailers that have on-demand manufacturing capabilities for the production of personalized products such as photos, photo books, photo calendars, business cards and stationery. PNI Digital Media successfully generates millions of transactions each year for retailers and their thousands of locations worldwide.
Further information on our company can be found at www.pnimedia.com.
The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including those related to the completion of the Arrangement and the expected timing therefor. PNI Digital Media's actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to shareholder and final court approvals, changes in technology, employee retention, inability to deliver on contracts, failure of customers to continue marketing the online solution, competition, general economic conditions, foreign exchange and other risks detailed in the Company's annual report and other filings. Additional information related to the Company can be found on SEDAR at www.sedar.com and on the SEC'S website at www.sec.gov/edgar.shtml. The information contained herein is subject to change without notice, and PNI does not undertake any obligation to publicly update or revise any forward-looking statements, except as required by law. PNI Digital Media shall not be liable for technical or editorial errors or omissions contained herein.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. PNI Digital Media relies upon litigation protection for "forward-looking" statements.
PNI Digital Media is a registered trademark of PNI Digital Media Inc.