CTI Group Inc. (OTC: CTIG) said that the special committee of CTIG Group´s board of directors has rejected the December 30, 2013 proposal of Fairford Holdings Ltd., Michael Reinarts and John Birbeck to purchase all of the outstanding shares of its common stock for USD0.40 per share.
Fairford Holdings Ltd. is an indirect wholly owned subsidiary of Salah H. Osseiran, a member of CTI Group´s Board, Reinarts is CTI Group´s chairman of the board, and Birbeck is CTI Group´s chief executive officer and a member of the board.
Upon being informed of the rejection, Fairford Holdings Ltd. and Reinarts and Birbeck withdrew the proposed offer. Accordingly, the board of directors disbanded the Special Committee.
CTI Group Inc. is an international provider of electronic invoice processing and management, enterprise communications management software and services solutions, and carrier class voice over Internet protocol (VoIP) management applications. Its website is at http://www.ctigroup.com.