Vsource (NASDAQ:VSCE)
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Vsource(R) Announces Exchange Offer Expiration is Extended to
5:00 P.M., Pacific Standard Time, November 19, 2004
LA JOLLA, Calif., Nov. 12 /PRNewswire-FirstCall/ -- Vsource, Inc. (OTC:VSCE)
(BULLETIN BOARD: VSCE) , today announced that it has extended the expiration
date for its exchange offer under which holders of its Series 1-A, Series 2-A
and Series 4-A preferred stock have the opportunity to exchange their preferred
stock for the shares of a new wholly-owned subsidiary that owns Vsource's 61.2%
interest in its operating subsidiary, Vsource Asia Berhad. The exchange offer,
which was original scheduled to expire at 12:00 Midnight, Pacific Standard
Time, on Tuesday, November 16, 2004, has been extended to 5:00 P.M., Pacific
Standard Time, on Friday, November 19, 2004, unless further extended. All
terms and conditions of the exchange offer as described in the Tender Offer
Statement on Schedule TO filed by the Company with the Securities and Exchange
Commission continue to apply to the exchange offer as extended.
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Holders of over 90% of Vsource's outstanding Series 4-A Preferred Stock, and
10.5% of the outstanding Series 1-A Preferred Stock, have already agreed to
participate in the exchange offer, subject to satisfaction of certain
conditions. As of the close of business on November 11, 2004, 42.6% of
Vsource's outstanding Series 1-A Preferred Stock, 95.3% of the outstanding
Series 2-A Preferred Stock and 14.0% of the outstanding Series 4-A Preferred
Stock have been tendered and not withdrawn in the exchange offer.
The extension of the exchange offer provides preferred stockholders, including
those preferred stock holders who have agreed to participate, with additional
time to tender their preferred stock and participate in the exchange offer.
This press release is for informational purposes only and is not an offer to
sell or a solicitation of an offer to buy, nor shall it constitute an offer,
solicitation or sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful, nor is it a solicitation
of any proxy or consent for any purpose. The exchange offer is only being made
pursuant to the exchange offer and consent solicitation circular (including the
related letter of transmittal and other offer documents), which has previously
been mailed to all of the holders of preferred stock. In addition, Vsource
filed the exchange offer circular and the related Information Statement as part
of its Tender Offer Statement on Schedule TO with the Securities and Exchange
Commission. These documents are available for no charge at the Securities and
Exchange Commission's website at http://www.sec.gov/. The Schedule TO
(including the exchange offer circular, Information Statement, the letter of
transmittal and other offer documents) contain important information that
should be read carefully before any decision is made with respect to the
exchange offer. This press release is being issued pursuant to and in
accordance with Rule 135c under the Securities Act.
Vsource is a registered trademark of Vsource, Inc.
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DATASOURCE: Vsource, Inc.
CONTACT: Jim Higham of Vsource, Inc., +1-858-551-2917