Callidus Provides Update on Privatization Process

TORONTO, Feb. 14, 2017 /CNW/ - Callidus Capital Corporation (TSX:CBL) ("Callidus" or the "Company") today provided an update on the process to explore privatization of the Company (the "Process").

"The level of interest in the business has met our expectations - 17 parties were approved to enter into non-disclosure agreements and participated in the initial stage of the Process." commented Newton Glassman, Executive Chairman and CEO of Callidus.  "We expect to continue the dialogue with a smaller number of interested parties in the next stage of the Process, which will focus on the consideration of transaction and operational structures proposed by interested parties while ensuring the previously disclosed minimum valuation threshold remains in place." 

Goldman, Sachs & Co. is acting as Financial Advisor and is leading the Process for the Company. The Process remains on schedule to be completed by the end of the second quarter of 2017.  Material updates will be provided as they occur.

As is typical of any process prior to a final and definitive agreement, there can be no certainty that a transaction will be concluded, what price may be offered or accepted, or if the Process will be concluded on the current timeline. Catalyst Capital Group Inc., which manages funds that own approximately 67% of the issued and outstanding shares of Callidus, remains committed to completing a transaction on terms that will ensure the continued protection of the interests of its public shareholders.

This press release is for information purposes only and is not an offer to buy or the solicitation of an offer to sell any Shares.

Forward-Looking Statements

This press release contains forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties. Although Callidus believes these statements to be reasonable, the assumptions upon which they are based, including the stability of capital market conditions, may prove to be incorrect. Furthermore, the forward-looking statements contained in this press release are made as at the date of this press release and Callidus does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

About Callidus Capital Corporation

Established in 2003, Callidus Capital Corporation is a Canadian company that specializes in innovative and creative financing solutions for companies that are unable to obtain adequate financing from conventional lending institutions. Unlike conventional lending institutions who demand a long list of covenants and make credit decisions based on cash flow and projections, Callidus credit facilities have few, if any, covenants and are based on the value of the borrower's assets, its enterprise value and borrowing needs. Callidus employs a proprietary system of monitoring collateral and exercising control over the cash inflow and outflows of each borrower, enabling Callidus to very effectively manage any risk of loss. Further information is available on our website, www.calliduscapital.ca.

SOURCE Callidus Capital Corporation

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