CybeRelease: (OTC: IDWD) and HLS Update Buyout Offer for $2.35 per Common Share
(CybeRelease, August 8, 2006) - Lake Harmony, PA - IDS Worldwide, Inc. (OTC PK: IDWD) l IDS executives left today to fly to Dubai to further finalize certain aspects of the transaction. IDS has given preliminary approval to the share buyout at $2.35 per common share on the condition it must be an all cash deal. IDS executives have found it necessary to travel to Dubai for finalizing escrow and examining financing arrangements to conclude the deal.
IDS previously reported as part of the closing process HLS will be required to place $5 Million in an Escrow account during the drafting of the formal tender offer to the shareholders. Additionally, the majority of IDS insiders are examining the possibility of accepting a mixture of HLS corporate bonds and/or HLS stock in exchange for their IDS common share in lieu of the $2.35 per share for their stock.
IDS previously reported that during the drafting of the formal tender offer and up to the closing of the transaction IDS has granted HLS request to be free to purchase shares of IDS common stock in the open market to lower HLS overall closing transaction cost. IDS was aware that the current market price of the stock does not reflect the overall value of the deal or the value of the remaining 995ad.com shares to be issued. Therefore, the company saw no reason to not agree to HLS request to reduce their total acquisition costs by allowing HLS to obtain shares thru open market buying at prices substantially lower than the final $2.35 cash offer. The conclusion of this cash offer to shareholders will enable the companies to final the necessary paperwork to convert the previously paid dividend from its restricted status to free trading shares.
To read the complete release, go to http://www.CybeRelease.com/idwd8806.htm
CybeRelease Gainers are Loudeye Corporation (Nasdaq: LOUD), NVIDIA Corporation (Nasdaq: NVDA), Broadcom Corporation (Nasdaq: BRCM), Tekelec (Nasdaq: TKLC), PMC - Sierra, Inc. (Nasdaq: PMCS), Staples, Inc. (Nasdaq: SPLS), OMNI Energy Services Corp. (Nasdaq: OMNI) and Atmel Corporation (Nasdaq: ATML).
CybeRelease Decliners are Per-Se Technologies, Inc. (Nasdaq: PSTI), Brocade Communications Systems, Inc. (Nasdaq: BRCD), Amylin Pharmaceuticals, Inc. (Nasdaq: AMLN), OmniVision Technologies, Inc. (Nasdaq: OVTI), Telewest Global Inc. (Nasdaq: NTLI), Multimedia Games, Inc. (Nasdaq: MGAM), Comstock Homebuilding Companies, Inc. (Nasdaq: CHCI) and Qiagen N.V. (Nasdaq: QGEN).
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