The Special Committee of the Board of Directors of UTS Energy Corporation (UTS) wishes to confirm UTS' recommendation that the offer of $1.75 cash per common share made by Total E&P Canada Ltd. (Total) is inadequate and not in the best interest of UTS.
John Watson, the Chairman of the Special Committee, stated that "UTS continues to conduct a thorough process pursuing alternative transactions to generate superior value for UTS shareholders." The process currently involves ongoing discussions with financially credible parties relating to a variety of potential transactions. There is no certainty as to the outcome of such discussions.
It is the recommendation of the Board of Directors that UTS shareholders not tender to the Total Offer which expires April 27, 2009.
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