SUPPLEMENTARY INFORMATION
Blackbird International Corporation issued a news release on June 25 stating that it was in the final
stages of negotiations to proceed with the acquisition of all the outstanding shares of SDE Ltd.
The news release indicated that both parties are agreement on the merger and it was moving forward
and it added the following: ‘This is the final stage of the negotiations and both companies are
committed and on track to close the transaction by the beginning of July.’
The remaining procedures and processes included both legal and fiscal considerations which were, in
hindsight, much more complex than initially envisaged and both parties experienced unforeseen delays.
A number of variations in the tax and legal structure current in both countries necessitated the
requirement to obtain additional professional assistance with a small number of due diligence matters
that remain open. Consequently the estimated date for the closing of the transaction has taken more
time than originally anticipated.
None of these items are expected to derail the envisioned transaction. Further delays arose because of
the distance between the two entities and, of course, the recent holiday periods have added to the
protracted timelines. Blackbird apologizes for not foreseeing the delays.
Finally, Blackbird confirms to its shareholders that it is committed to the acquisition of SDE and, that the
Company foresees no contrary issues or obstacles, preventing the merger from closing in a timely
manner.
Blackbird will continue to provide its shareholders updates on any material events as the transaction
moves towards finalization.
