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 THE RESULT: Caymus Partners provided the board of directors of i3 Mobile, Inc. (Nasdaq: IIIM) (“i3 Mobile” or the “Company”) an opinion as to the fairness of the Company’s proposed merger with ACE* COMM (Nasdaq: ACEC), a provider of telecommunications services to large businesses. Caymus Partners presented to i3 Mobile’s board of directors a summary of the transaction, the size and type of consideration, as well as a detailed overview of the valuation methodologies employed. Caymus Partners determined a valuation range of the transaction and provided an independent fairness opinion letter.
“The i3Mobile board selected Caymus Partners to provide detailed analyses of the fairness of our proposed transaction. The Caymus Partners professionals were expert in knowledge of our industry, appropriate valuation methodologies and proper conduct of the overall process. They responded with clarity and detail to the wide range of questions posed by the Company's directors. Caymus Partners fulfilled its responsibilities thoroughly and efficiently. I would look forward to working with them again.”
Matthew J. Stover
i3 Mobile Board Member
Chairman, LKM Ventures, LLC
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Company Description
i3 Mobile distributes customized text-based information to mobile devices under the “Powered by i3 Mobile” product brand. In addition, the Company offers premium mobile subscription information and communication services for telephones. This service, Pronto, was marketed directly to consumers delivering information and service on demand 24 hours a day, combining the service of a mobile concierge with voice recognition technology.
Client Objective
i3 Mobile sought an independent opinion as to the fairness of the proposed transaction involving i3 Mobile and ACE*COMM from a financial advisor not affiliated with the pending transaction.
Caymus Partners Process
As part of the fairness opinion and valuation process, Caymus Partners undertook the following:
- Review of Transaction. Caymus Partners undertook a comprehensive review of the transaction, the offer structure, purchase price, type of consideration and pending merger agreements;
- Determination of Valuation Range. Caymus Partners determined a valuation range of the transaction using a number of different methodologies (comparable companies, comparable transactions, discounted cash flow, etc.);
- Fairness Opinion Presentation. Caymus Partners prepared a comprehensive informational package to the board of directors with a detailed overview of the transaction, the valuation methodologies employed and the recommended valuation range of the transaction; and
- Discussions with Board and Management. Caymus Partners discussed the analysis with the Company’s board of directors and senior management team and provided additional analyses on an as-needed basis
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