Serenic Corporation Announces the Closing of the Transaction to Sell Operating Companies to Sylogist Ltd. and Reports on the Results of the Special and Annual General Meeting of the Shareholders

EDMONTON, ALBERTA--(Marketwired - July 28, 2014) -

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Serenic Corporation (TSX VENTURE:SER) ("Serenic" or the "Company") is pleased to report that all resolutions tabled for its special and annual general meeting of the Serenic shareholders ("Shareholders") held on July 22, 2014 (the "Meeting") have passed. Approximately 75% of the eligible voting shares of the Company were voted, of which approximately 87% were voted in favor of all of the resolutions that were proposed, including the special resolution to sell the shares of the wholly-owned Serenic operating subsidiaries: Serenic Canada Inc., Serenic Software, Inc. and Serenic Software (EMEA) Limited (collectively the "Subsidiaries") to Sylogist Ltd. (the "Transaction"). The Subsidiaries have conducted virtually all of Serenic's business to date and own Serenic's existing proprietary enterprise application software, associated customer contracts and relationships, other related third party agreements, rights to the Serenic brand, and certain tax pools.

The current board, comprised of Dwayne Kushniruk, Randy Keith, Doug Thomson and Ron Odynski were re-elected to the Company's board of directors.

The Company further announces that the Transaction was finalized and closed on July 28, 2014, in accordance with the terms outlined in the Share Purchase Agreement that was filed on SEDAR on July 2, 2014. Sylogist Ltd. has paid approximately $7.9 million (CDN) cash consideration and has assumed Serenic's net working capital liability of approximately $3.7 million (CDN) (which excludes the Company's existing cash on deposit) for 100% of the shares of the Subsidiaries, subject to final closing adjustments. The Company has received final acceptance from the TSX Venture Exchange for closing the Transaction.

The Shareholders also approved the other special resolutions that were tabled at the Meeting, including approval for the directors to change the name of Serenic Corporation, and to proceed with the distribution of a return of capital and a special dividend to Shareholders estimated to total in aggregate $0.45 per share on a fully diluted basis, subject to finalization of closing adjustments, taxes and costs which was described in the Information Circular dated June 26, 2014 that was distributed to the shareholders. A further press release will be issued with respect to the timing and procedure of the cash distributions with such distributions expected to occur within the next 60 days.