TORONTO, May 29, 2019 (GLOBE NEWSWIRE) -- SAIS Group (TSXV: SAIS), today announced its board of directors has been evaluating options including a sale of its traditional luxury distribution business to a group of strategic buyers comprised of certain insiders or controlling shareholders of the company. SAIS Group would focus its resources on “KADDRA” technology and digital media and services while “Sarment” – its traditional luxury distribution business - would continue its growth outside the group using KADDRA technology for its digital expansion.
“We’ve been approached by a consortium of insider and controlling shareholders for the purchase of the company's traditional luxury distribution business. The board of directors (the “Board”) has established a special committee to review a potential sale and a decision on a transaction is subject to this special committee’s recommendation to the Board,” said Quentin Chiarugi, SAIS Group’s Chief Executive Officer.
While valuation and consideration are yet to be determined and the terms of the potential transaction are unknown at this time, it is probable that assumption of all shareholder loans would, partly or in full, offset the purchase price.
A potential transaction would likely have a significant impact on the earnings and balance sheet for FY2019. For SAIS Group and for its shareholders a potential sale would provide an opportunity to maximize shareholders’ value by freeing up resources and management time and allow SAIS Group to focus on the marketing of KADDRA technology with the ENTERPRISE version and the development of the PRO version for SME’s.
“This move would be beneficial to both SAIS Group and Sarment with their core business. By focusing on technology development, SAIS Group would be able to work with a dedicated structure and gain in momentum with the many investors from the industry – a much necessary direction given that the group’s subsidiary KADDRA has signed on multiple projects in recent weeks. In addition, since Sarment already operates as an independent business today we would expect the transition to be very smooth,” Chiarugi noted.
The senior executive team would remain unchanged operating from SAIS Group’s headquarters in Singapore.
The completion of any such transaction would be subject to applicable approvals, including any necessary shareholder, regulatory and TSX Venture Exchange approvals.
About SAIS Group
Singapore-based SAIS Group is a leader in Customer Experience Management technology, business intelligence and services solutions. Across its business units, the group connects businesses with their customers through end-to-end intelligent solutions. Together with a roundup of world-leading industry and tech experts SAIS offering is crafted to create ground-breaking digital business-customer relationships. Since its establishment in 2012, SAIS Group has expanded throughout Asia and is now looking towards global expansion.
To learn more about SAIS, visit our website: www.sais-group.com
Cautionary Statement
Certain statements contained in this press release contain “forward-looking information” (“forward-looking statements”) within the meaning of Canadian securities laws. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding, the completion of any potential strategic transaction such as the sale of its luxury distribution business, and the terms and result of any such transaction, are forward-looking statements. Forward-looking statements are typically identified by words such as: believes, expects, anticipates, intends, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. These forward-looking statements represent SAIS Group’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of SAIS Group’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Company’s final prospectus, dated July 26, 2018, filed with the applicable Canadian securities regulatory authorities. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. For this reason, readers should not place undue reliance on forward looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, SAIS Group does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Deborah Krish
SAIS Corporate Office
deborah.krish@sais-group.com