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FOR IMMEDIATE RELEASE Cronus Partner LLC Pleased to Announce Completion of Sale of Systech Retail Systems Corp., d/b/a OPENFIELD Solutions (TOR: SYS) to Torex Retail Plc.Norwalk, CT - November 2, 2005. Cronus Partners LLC (“Cronus”) is pleased to announce the completion of the sale of Systech Retail Systems Corp., d/b/a OPENFIELD Solutions (“OPENFIELD Solutions”) to Torex Retail Plc. (LSE: TRX). Cronus served as exclusive investment banking advisor to OPENFIELD Solutions on the transaction. The transaction occurred pursuant to the law of Ontario as a plan of arrangement, which was announced on September 26, 2005; approved by the shareholders of OPENFIELD Solutions on October 28, 2005; approved by the Ontario Superior Court of Justice on November 1, 2005; and became effective on November 2, 2005. Under the terms of the plan of arrangement, common and preferred shareholders of OPENFIELD Solutions received CAD 9.5 million total in cash, and CAD 29.0 million of indebtedness and non-working capital liabilities were also assumed, of which CAD 5.0 million will be satisfied by the issuance of shares of common stock in Torex Retail Plc and some CAD 9.0 million will be satisfied only subject to the performance of certain OPENFIELD Solution assets post-closing. About Cronus Partners Advising on mergers, acquisitions, divestitures, sales, and private placement financings, Cronus is an independent investment banking firm that provides financial and strategic advisory services. The clients of the firm are publicly traded or privately owned companies that engage in middle-market transactions domestically or internationally. For further information please contact:
Cronus Partners LLC |
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