Intersections Inc. Receives Proposal From Loeb Holding Corporation to Acquire its Pet Health Monitoring (VOYCE™) Segment
CHANTILLY, Va., Oct. 28, 2016 /PRNewswire/ -- Intersections Inc. (Nasdaq: INTX) ("Intersections, Inc. or the "Company") announced today that its Board of Directors has received a non-binding proposal from Loeb Holding Corporation ("LHC"), the Company's largest stockholder, to acquire the Company's Pet Health Monitoring Segment. LHC's proposal is set forth in an amendment to its Schedule 13D filed today with the SEC.
The process of evaluating the proposal and negotiation of any transaction will be overseen by a Special Committee of three independent directors: Thomas G. Amato, Steve Bartlett and John H. Lewis. The Special Committee has selected Baker Botts LLP to serve as its independent legal advisor and expects to retain an independent financial advisor to assist the Special Committee in evaluating the proposal.
The Board of Directors cautions the Company's stockholders and others considering trading in its securities that the Board of Directors and the Special Committee have just received the proposal and no decisions have been made by the Board of Directors or the Special Committee with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be completed. The Company does not intend to comment further regarding the evaluation of LHC's proposal, unless and until definitive agreements for a transaction are entered into or the Special Committee determines to conclude the process, or as otherwise required by law.
About Intersections Inc.
Intersections Inc. (Nasdaq: INTX) provides innovative, information-based solutions that help consumers manage risks and make better-informed life decisions. Under its IDENTITY GUARD® brand and other brands, the company helps consumers monitor, manage and protect against the risks associated with their identities and personal information. The company's subsidiary Habits at Work provides insurance and other services that help consumers manage risks and achieve personal goals. The company's i4C Innovations subsidiary provides VOYCE™, a groundbreaking pet wellness monitoring system for pet owners and veterinarians. Headquartered in Chantilly, Virginia, the company was founded in 1996. To learn more, visit www.intersections.com.
Statements in this release relating to future plans, results, performance, expectations, achievements and the like are considered "forward-looking statements." You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project,'' "plan," "intend," "believe," "may," "should," "can have," "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Those forward-looking statements involve known and unknown risks and uncertainties and are subject to change based on various factors and uncertainties that may cause actual results to differ materially from those expressed or implied by those statements, including the timing and success of new product launches, including our Identity Guard®, Voyce® and Voyce Pro™ platforms, and other growth initiatives; the continuing impact of the regulatory environment on our business; the continued dependence on a small number of financial institutions for a majority of our revenue and to service our U.S. financial institution customer base; our ability to execute our strategy and previously announced transformation plan; our incurring additional restructuring charges; our incurring impairment charges on goodwill and/or assets, including assets related to our Voyce® products; our ability to control costs; and our needs for additional capital to grow our business, including our ability to maintain compliance with the covenants under our new term loan or seek additional sources of debt and/or equity financing. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed under "Forward-Looking Statements," "Item 1. Business—Government Regulation" and "Item 1A. Risk Factors" in the Company's most recent Annual Report on Form 10-K, and in its other filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to revise or update any forward-looking statements unless required by applicable law.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/intersections-inc-receives-proposal-from-loeb-holding-corporation-to-acquire-its-pet-health-monitoring-voyce-segment-300353609.html
SOURCE Intersections Inc.