On April 1, 2003, Montreal-based SureFire Commerce Inc., completed the first step of a merger with Munich-based ebs Electronic Billing Systems AG (EBS) by acquiring from ebs Holding AG a 51 per cent interest in EBS. The acquisition was made in consideration for the issuance by SureFire of approximately 21 per cent of its common shares to ebs Holding. As part of the transaction, ebs Holding was also granted a one-time option, exercisable until December 31, 2003, to subscribe for an additional 42 per cent of the common shares of SureFire in consideration for its remaining 49 per cent interest in EBS. Therefore, following the exercise of this option, ebs Holding will hold approximately 63 per cent of SureFire outstanding common shares.
Stikeman Elliott LLP represented SureFire, with a team that included Sidney Horn, Peter Castiel, Philippe De Montigny and Frédéric Brassard. Desjardins Ducharme Stein Monast represented ebs Holding and ebs Electronic Billing Systems, with a team that included Catherine Conides, Lucie Roy, Valérie Douville and Nicolas Faucher.