On April 28, 2000, NBS Technologies Inc. announced that it proposes to reorganize its business by separating its card issuance business, which includes imprinter, card solution and card issuance operations, from its wireless transaction solutions business. The company also proposes to change its name to MIST Inc.
In order to achieve this separation, the company will enter into an agreement with Trilon Financial Corporation (Trilon) and CAI Capital Corp. and related funds (CAI), the effect of which will be to spin out the card issuance business to the principal shareholders. The agreement with Trilon and CAI will provide for NBS to sell the card issuance business to Trilon and CAI for aggregate proceeds of approximately $38.9 million, subject to adjustment for interest.
Edwin Nordholm, Matthew Cockburn, James Welkoff, Cameron Koziskie, and Brian Burke of Torys and Simon Romano of Stikeman Elliott have been working with Trilon and NBS on this initiative.