TORONTO – V-chip patent owner Tri-Vision International announced late last week that it and Wi-Lan, by mutual agreement, have agreed to extend the exclusivity period of negotiations.
Last month, Wi-Lan agreed to buy Tri-Vision in a deal valued at $108 million.
The exclusivity period is being extended to the earlier of:
(i) May 11, 2007 or
(ii) the date of signing of the Acquisition Agreement but no later than May 11, 2007
"The extension allows both parties to complete due diligence and finalize the Acquisition Agreement," says the press release.
Tri-Vision also announced that Terry Canning has resigned as a director of the company. Canning is the vice-president, strategic planning of Rogers Communications Inc. and cited conflicts of interest in connection with his continued service on the board and on the special committee formed to consider the recently announced business combination with Wi-Lan, says the release.
