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GuestLogix Closes Sale of its OpenJaw Business to TravelSky - GuestLogix, Inc. announced that it has closed the previously announced sale of all of the shares that its wholly-owned subsidiary, GuestLogix Ireland Limited, owned in OpenJaw Technologies Inc. to an affiliate of TravelSky Technology Limited (“TravelSky”)
GuestLogix Closes Sale of its OpenJaw Business to TravelSky

 

PRZOOM - /newswire/ - Toronto, Ontario, Canada, 2016/05/09 - GuestLogix, Inc. announced that it has closed the previously announced sale of all of the shares that its wholly-owned subsidiary, GuestLogix Ireland Limited, owned in OpenJaw Technologies Inc. to an affiliate of TravelSky Technology Limited (“TravelSky”). TSX: GXI

   
 
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GuestLogix, Inc. (“GuestLogix” or the “Company”) today announced that it has closed the previously announced sale of all of the shares that its wholly-owned subsidiary, GuestLogix Ireland Limited, owned in OpenJaw Technologies Inc. to an affiliate of TravelSky Technology Limited (“TravelSky”) (the "OpenJaw Transaction"), for net proceeds of approximately US$38.5 million after closing adjustments but before transactions fees and expenses.

The OpenJaw Transaction resulted from the previously announced court-approved sale and investment solicitation process conducted under the Companies’ Creditors Arrangement Act. The OpenJaw Transaction does not include any of the assets of the Company's onboard business.

Canaccord Genuity Corp. acted as financial advisors to GuestLogix and Mooreland Partners LLC acted as financial advisors to TravelSky. Legal advice was provided to GuestLogix by Wildeboer Dellelce LLP and Thornton Grout Finnigan LLP and to TravelSky by Baker & McKenzie LLP.

About GuestLogix, Inc.
GuestLogix, Inc. (guestlogix.com | openjawtech.com) is a global leader in comprehensive merchandising, payment and business intelligence technology delivered to the passenger travel industry, both onboard and off-board. Bringing over a decade of expertise as the industry’s most trusted onboard transaction processing partner to airlines, rail operators and elsewhere in the passenger travel industry, GuestLogix powers the industry’s growing reliance on ancillary revenue generation. Both direct to operators as well as through partnerships with global leaders in catering, duty-free, inflight entertainment and self-service retail experts, the Company provides the payment services touching over 1 billion travelling consumers each year. On December 23, 2014, GuestLogix announced the acquisition of OpenJaw Technologies, a Dublin-based technology company focused on travel retailing innovation in the e-commerce segment. GuestLogix' global headquarters and centre for product innovation is located in Toronto, with regional offices located in Dallas, London, Dublin, Galway, Madrid and Hong Kong, and product innovation labs located in Moncton and Kraków.

© 2016 GuestLogix. All Rights Reserved.

Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements under applicable securities legislation. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. These statements are only as of the date of this document and the Company does not undertake to publicly update these forward-looking statements except in accordance with applicable securities laws. Forward-looking statements, including but without limitation, statements concerning the timing and completion of the OpenJaw Transaction are based on current expectations, estimates, projections and assumptions, which the Company believes are reasonable but which may prove to be incorrect and, therefore, such forward-looking statements should not be unduly relied upon. These forward-looking statements involve known and unknown risks, uncertainties which may cause actual results or performance to be materially different from any future results or performance expressed or implied herein. These risks, uncertainties and other factors relating to the Company include, but are not limited to, the level of indebtedness of the Company, the implementation and impact of obtaining any reorganization or restructuring of the assets, business and financial affairs of the Company, future co-operation of the creditors of the Company, the Company's ability to generate sufficient cash-flow from operations or to obtain adequate financing to fund capital expenditures and working capital needs and to meet the Company's ongoing obligations during the CCAA process the ability to conclude a successful transaction pursuant to the SISP, the ability to maintain relationships with suppliers, customers, employees, stockholders and other third parties in light of the Company's current liquidity situation and the CCAA proceedings. In addition, actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth under "Risks Factors" in the Company's Annual Information Form filed on March 16, 2015 with the regulatory authorities in Canada. The forward‐looking information included in this press release is expressly qualified in its entirety by this cautionary statement. GuestLogix assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

 
 
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GuestLogix Closes Sale of its OpenJaw Business to TravelSky

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GuestLogix, Inc. | TravelSky
Contact: John Gillberry - GuestLogix.com 
416-840-3178 jgillberry[.]guestlogix.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any GuestLogix, Inc. securities in any jurisdiction including any other companies listed or named in this release.

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