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Brainhunter weighs going private

February 20 2009

Brainhunter Inc. (TSX: BH) announced Thursday it may go private or seek financing for further growth and acquisitions. The Toronto-based information technology solutions and staffing firm has hired Ernst & Young Orenda Corporate Finance Inc. as an adviser.

"The management team and board of directors believe Brainhunter's common shares are trading at a significant discount to their fair value," said Chairman and CEO John McKimm. "A strategic transaction is necessary to not only provide improved liquidity to shareholders, at an enhanced value to current market, but also to provide the capital necessary for continued growth."

Earlier this week, the Canadian Competition Bureau included Brainhunter on a list of seven firms accused of illegal bid rigging. The accusations against Brainhunter involve only one of several contracts cited by the authority, and the company has denied it committed any wrongdoing.

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