BETHESDA, MD, May 11 /PRNewswire-FirstCall/ -- Stratos Global Corporation ("Stratos" or the "Corporation") today provided an update on the proxy solicitation process in connection with the proposed plan of arrangement with CIP Canada Investment Inc. ("CIP Canada"). Pursuant to the arrangement agreement dated March 19, 2007, Stratos has mailed to all shareholders of record as of May 1, 2007 the Corporation's notice of annual and special meeting and management proxy circular. The annual and special shareholders' meeting will be held at 2:00 p.m. on June 12, 2007 at the Renaissance Toronto Hotel Downtown. A copy of the management proxy circular is available at http://www.sedar.com/.
The management proxy circular provides shareholders with further background on the proposed transaction with CIP Canada, together with the form of proxy to be solicited by management over the forthcoming weeks in support of the arrangement. At the annual and special meeting, shareholders will be asked to pass a resolution approving a statutory arrangement pursuant to the Canada Business Corporations Act whereby CIP Canada will acquire all of the outstanding shares of Stratos for a cash price of C$6.40 per share.
Stratos has appointed Georgeson Shareholder Communications Canada Inc. as its proxy solicitation agent. Shareholders who have questions about the information contained in the management proxy circular or require assistance in completing the proxy, should contact Georgeson at its North American toll free number of 1-866-682-6144.
Stratos also reported that on April 12, 2007, the Corporation received an unsolicited acquisition proposal from a third party financial investor. The Board of Directors, after consultation with its financial and legal advisors, and considering the knowledge and experience of the third party, determined that the proposal could reasonably be expected to result in a superior proposal for the Corporation's common shares. In accordance with the arrangement agreement, the third party executed a confidentiality agreement, was granted access to the Corporation's confidential information and conducted extensive due diligence, including meeting with members of management of the Corporation. On May 10, 2007, the third party advised the Corporation that it had decided not to make a formal offer to acquire the Corporation's common shares.
About Stratos
Stratos (TSX: SGB), with over a century of service, is the world's trusted leader for vital communications, offering the most powerful and extensive portfolio of remote communications products, including mobile and fixed satellite and microwave services. Stratos' more than 20,000 customers use its services on seven continents and across the world's oceans. Stratos serves U.S. and international government, military, first responder, NGO, oil and gas, industrial, maritime, aeronautical, enterprise, and media users. For more information visit http://www.stratosglobal.com/.
