Indianapolis, IN (PRWEB) December 30, 2013
CTI Group (Holdings) Inc. (OTCQB:CTIG), an international provider of electronic invoice processing and management and call accounting management and recording applications, reported that the Special Committee of its Board of Directors has received a revised oral non-binding indication of interest from Fairford Holdings Limited, Michael Reinarts and John Birbeck with respect to their proposal to purchase all of the outstanding shares of stock of CTI Group. On March 7, 2013, Fairford Holdings Limited, Michael Reinarts and John Birbeck made an initial non-binding indication of interest to purchase all of the outstanding shares of stock of CTI Group for a cash purchase price of $ 0.29 per share. Fairford Holdings Limited, Michael Reinarts and John Birbeck have increased the proposed cash purchase price at which they are willing to consider purchasing all of the outstanding shares of stock of CTI Group from $ 0.29 per share to $ 0.40 per share.
Fairford Holdings Limited is an indirect wholly owned subsidiary of Salah H. Osseiran, a member of CTI Group’s Board of Directors, Mr. Reinarts is CTI Groups Chairman of the Board, and Mr. Birbeck is CTI Groups Chief Executive Officer and is a member of CTI Groups Board of Directors.
The Special Committee of the Board of Directors of CTI Group continues to evaluate the revised proposal.
The Board of Directors cautions CTI Groups stockholders and others considering trading in its securities that the Board of Directors has only recently received the revised non-binding indication of interest and that no decisions have been made by the Board of Directors or the Special Committee with respect thereto. There can be no assurance that any binding offer will be made or accepted, that any agreement will be executed, or that any transaction will be consummated in connection with the revised non-binding indication of interest.
If the revised proposal is accepted by CTI Group, then the acquiring person or entity and CTI Group will be required to make certain other filings regarding the proposed transaction with the Securities and Exchange Commission (the SEC). Investors and security holders are urged to read all such filings regarding the proposed transaction, if and when the transaction proceeds and such filings are made, because they will contain important information. Free copies of any such filings (if and when they become available) and other documents filed by CTI Group with the SEC will be available at the SECs web-site, http://www.sec.gov. Information concerning any participants in any solicitation of CTI Groups stockholders that is made in connection with the proposed transaction will be disclosed when available.
About CTI Group – CTI Group (Holdings) Inc. is an international provider of electronic invoice processing and management, enterprise communications management software and services solutions, and carrier class voice over internet protocol (VoIP) management applications. CTI Groups Analysis, SmartBill